The sum was unearthed by site Patently Apple from documents filed at US Securities and Exchange Commission.
Tim Cook is the CEO of Apple. It seems the company takes the security of its head very seriously. Recently a site called Patently Apple discovered some very interesting documents.
The documents were filed with the US Securities and Exchange Commission. In the documents, obtained by Patently Apple, the security details and expenditures by Apple are listed.
According to documents Apple spends about $700,000 on Time Cook’s security details per year. The sum is equivalent to £450,000 or Rs. 4.6 crores a year. The fact was discovered from a SEC filing from March.
In the file the expenses of $774,176 were listed under all other compensation. The break-down of the costs shows it is spent on Tim Cook’s security. The expenses were listed for the year 2014.
The documents state the details of Apple’s expenditure on five essential tasks. Firstly contributions to Cook’s account under the 401(k) plan are at $15,600 per year.
Secondly life term premiums for Cook were also paid by the company. The life term premium is a whopping $2,520. The cash given to Cook for vacation was listed as $56,923. While security expenses were listed as $699,133.
The file also revealed Apple provides home and personal security to Tim Cook. The documents further reveal the safety and security of Tim Cook is of the utmost importance to Apple and the shareholders.
Apple considers the expenses to be reasonable. Also necessary for the benefit of their company. Although the sum may seem very large to common people it is relatively small when compared.
Other companies spend more on the security of their CEO’s. Companies such as Oracle and Amazon have spent more than a million dollars on their CEO’s security detail.
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