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Posts Tagged ‘Facebook’

AFIMAC CEO, Peter Martin, Quoted in Bloomberg ‘Facebook Spent $12.5 Million to Protect Zuckerberg Since 2013’

April 29th, 2016 Comments off

Capture

Facebook Inc. revealed that it spent $4.26 million on security for Mark Zuckerberg last year, its first disclosure of such costs, and the highest among companies in the Standard & Poor’s 500 Index that have filed proxy statements for fiscal 2015.

The expense brings the total cost from 2013 to 2015 to $12.5 million, according to a regulatory filing. The cost was “to address safety concerns due to specific threats to his safety arising directly as a result of his position as our founder, Chairman, and CEO,” the company said in the filing. Zuckerberg is the world’s eighth-richest person with $47 billion, according to the Bloomberg Billionaires Index.

Facebook spent $5.6 million for Zuckerberg’s security in 2014 and $2.65 million in 2013. Last year’s expense exceeds the $1.53 million Oracle Corp. spent to protect Executive Chairman Larry Ellison in fiscal 2015 and Amazon.com Inc.’s $1.6 million for Jeff Bezos, according to data compiled by Bloomberg. The figure also outstrips other famous executives. Berkshire Hathaway Inc. paid $370,244 for personal and home security for billionaire Warren Buffett in 2015. Apple Inc. spent $209,151 on Tim Cook.

Facebook made the disclosure this week after the U.S. Securities and Exchange Commission in August questioned why the costs had never been listed in filings as a taxable perquisite. In response, Facebook argued that a “business-oriented security concern” identified for Zuckerberg exempted it from having to report those expenses. After discussions with SEC staff, the company reversed its position, according to a filing.

Home Security

Facebook spokesman Jonathan Thaw declined to comment. Chief executives of global businesses are often required by their boards to travel on company-provided planes or cars even for personal trips. More than half of firms in the S&P 100 Index had such policies last year.

Facebook provides Zuckerberg with a home security system and guards who also protect his house in San Francisco’s Mission District. The team is overseen by a former U.S. Secret Service agent who protected President Barack Obama.

Security “should be a board of directors’ first and foremost concern,” especially at companies built around a central figure, said Peter Martin, chief executive of security consultancy AFIMAC Global. “As a shareholder, you want to make sure that your CEO is protected.”

Closer Look

That doesn’t come cheap. Each around-the-clock assignment requires four full-time guards, which annually can cost more than $80,000 each, said Christopher Falkenberg, chief executive of New York-based Insite Security Inc., which provides protection to clients including hedge funds. A security director can earn about $200,000 a year.

Recent terrorist attacks in two European capitals and an office shooting in San Bernardino, California, have prompted some boards to re-examine security. While the risk for a little known top executive may be low, a person’s public prominence can quickly change, much thanks to social media, Falkenberg said.

Oracle’s cost in fiscal 2015 was for security at Ellison’s residence. Home protection systems can include camera surveillance, pressure pads located near doors or walkways to detect movement, and dense vegetation or crushed gravel that’s noisy to walk on beneath windows to deter intruders, AFIMAC’s Martin said.

“It is important to keep the boss safe, but there comes a point — certainly south of the $1 million mark — where shareholders deserve a far clearer explanation of the risks and provisions and the justification,” said Michael Pryce-Jones, director of corporate governance at CtW Investment Group, which advocates for pension funds that collectively manage $250 billion.

Still, rigorous programs that come with steep costs can be warranted for some, said Paul Viollis, CEO of security provider Viollis Group International.

“It all comes down to having fiduciary responsibility,” Viollis said. “Not providing protection would be like going to the Super Bowl with nobody to block for the quarterback.”

No Way? Seriously Dude? Social Media Investigation Win

April 20th, 2012 Comments off

Well, a man in Kentucky has just made my list of social media investigation subjects that just make it way too easy.  The man ran out of gas and decided to fill up by stealing gas from a police cruiser.  But in case that wasn’t risky enough, he had his girlfriend take a picture while in the act – even flashing an obscene gesture.

The big opps though…he then posted the picture on Facebook.

Police bust man over Facebook pic – See video on CNN here.

Thank You for Applying – What are your Facebook Credentials?

March 20th, 2012 Comments off

As an investigative tool we can enhance our surveillance efforts by getting to know a subject through a social media investigation.  But during an interview, and it real time?  Are they looking to avoid hiring a party person, someone with imagery conducive to workplace violence or that their ‘hobbies’ as noted on their resume match the photos on their Facebook page?  That’s what some recruiters are now doing as part of an interview for employment – asking for login credentials of the interviewee on the spot.  An interesting from of employment screening definitely.

I’m not sure this kind of tactic will be permitted legally going forward, but I definitely know that there’ll be lots of people out there with two personal profiles once the word gets out that they may encounter this in an interview.  One ‘real’ profile with all of their crazy party photos with friends, and one ‘dummy’ profile with photos of family, volunteering at soup kitchens and helping seniors across the road.

Job seekers get asked to provide Facebook logins

SEATTLE — When Justin Bassett interviewed for a new job, he expected the usual questions about experience and references. So he was astonished when the interviewer asked for something else: his Facebook username and password.

Bassett, a New York City statistician, had just finished answering a few character questions when the interviewer turned to her computer to search for his Facebook page. But she couldn’t see his private profile. She turned back and asked him to hand over his login information.

Bassett refused and withdrew his application, saying he didn’t want to work for a company that would seek such personal information. But as the job market steadily improves, other job candidates are confronting the same question from prospective employers, and some of them cannot afford to say no.

In their efforts to vet applicants, some companies and government agencies are going beyond merely glancing at a person’s social networking profiles and instead asking to log in as the user to have a look around.

“It’s akin to requiring someone’s house keys,” said Orin Kerr, a George Washington University law professor and former federal prosecutor who calls it “an egregious privacy violation.”

Questions have been raised about the legality of the practice, which is also the focus of proposed legislation in Illinois and Maryland that would forbid public agencies from asking for access to social networks.

Since the rise of social networking, it has become common for managers to review publicly available Facebook profiles, Twitter accounts and other sites to learn more about job candidates. But many users, especially on Facebook, have their profiles set to private, making them available only to selected people or certain networks.

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