BlackRock Chairman Increases Security Costs After Conservative Targeting
Disney, Moderna, Pfizer CEOs Also Boost Security Measures
Major US companies are significantly increasing security expenses for top executives such as CEOs.
On the 21st (local time), major foreign media reported that Larry Fink, chairman of BlackRock, the world's largest asset management firm, tripled his home security spending last year.
According to the executive compensation disclosure recently submitted by BlackRock, the company spent $563,513 (approximately 779.23 million KRW) on upgrading Fink's home security last year. Additionally, $216,837 (approximately 299.84 million KRW) was spent on bodyguard costs. This amount is more than three times the previous year.
Since 2022, BlackRock has been establishing personal security plans for Chairman Fink and President Robert Kapito. The company explained that security services for executives align with the interests of the company and its shareholders.
This increase is influenced by strong backlash from conservatives against Fink's so-called 'woke investing.' As the role of private equity in ESG (Environmental, Social, and Governance) sectors such as eco-friendly investments has grown, skepticism about ESG management has spread mainly among Republicans, making Fink a focal target. At the same time, BlackRock has been criticized by environmental groups for retreating from fossil fuel investments and its net-zero carbon emissions goals.
Expanding security spending for CEOs is not unique to BlackRock. Bob Iger, Disney's CEO, had $1.2 million (approximately 1.6596 billion KRW) listed under 'security services and equipment' in his compensation last year. This is about a 44.5% increase from $830,437 (approximately 1.14849 billion KRW) the previous year. Disney is also one of the companies criticized by conservatives for being 'too woke.'
Pharmaceutical companies are also spending huge amounts on executive security, as they became targets due to vaccines during the COVID-19 pandemic. Moderna spent $1,053,767 (approximately 1.45736 billion KRW) on CEO St?phane Bancel's security costs. Pfizer stated that "security risks, including threats to executives, have increased," and spent $789,495 (approximately 1.09171 billion KRW) on additional security costs for CEO Albert Bourla. In 2022, they spent $800,687 (approximately 1.10719 billion KRW).
Additionally, Jamie Dimon, chairman of JP Morgan, received $150,645 (approximately 283.1 million KRW) in 2023 for housing, personal travel, and related security expenses. This is about four times the amount from the previous year, with JP Morgan explaining that it includes one-time costs related to security system installation and upgrades.
David Solomon, CEO of Goldman Sachs, received $29,990 (approximately 41.47 million KRW) for personal security costs. Tesla allocated $2.4 million (approximately 3.3192 billion KRW) for CEO Elon Musk last year and spent an additional $500,000 (approximately 691.5 million KRW) in January and February this year.
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