The Strategist

Exxon paid Tillerson $ 27.4 million for 2016


04/14/2017 - 16:19



Last year, US Secretary of State Rex Tillerson received a cash compensation of $ 27.4 million, being on the post of executive director of the world's largest public oil trading company, Exxon Mobil, Reuters reports.



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He and other senior executives got their salaries raised, despite the fact that in 2016 Exxon's net profit fell by more than 50%, as the company, like many of its counterparts, tried to cut costs and survive a period of low oil prices. 

The cost of Tillerson's compensation package grew by about 0.5% last year, mainly due to a 4% increase in its salary to $ 3.2 million and an 8% increase in the cost of premiums to $ 19.7 million, as filed by Exxon to The United States Securities and Exchange Commission (SEC).

The amount of additional benefits received by Tillerson from Exxon last year, including personal safety and life insurance policy, has been increased by 7% to $ 575,850.

President-elect Donald Trump in December last year appointed 65-year-old Tillerson Secretary of State. Tillerson left Exxon at the end of the year. His appointment was confirmed by the Senate in early February. 

According to sources, his annual salary in the current position is just over $ 207 thousand.

As part of the ethics agreement, Tillerson lost $ 2.8 million in unsecured Exxon shares and a $ 3.9 million bonus capacity when he took the office. He also waived his right to a health care pension.

Tillerson’s preferred shares of Exxon were placed in trust for about $ 180 million, the proceeds of which will be paid over the next decade, in much the same way as payments to all Exxon pensioners. The trust is prohibited from investing in Exxon.

Tillerson will not be allowed to work anywhere in the oil and gas industry for the next decade. If he does this, the funds from the trust fund will go to charity.

source: reuters.com




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