Google pays £10.1m in executive bonuses
It was reported on the BBC News website on March 12th 2013 that Google is paying nearly $15m (£10.1m) in bonuses to four of its top executives for their performances in 2012.
Executive chairman and former boss Eric Schmidt will get $6m - the largest reward. The rest of the money will go to its top lawyer, chief financial officer and chief business officer. Lawyer David Drummond is getting $3m, while Patrick Pichette and Nikesh Arora are to receive $2.8m each, the company said in regulatory filings.
Meanwhile, Google has been criticised for its tax avoidance schemes, which the company openly acknowledges. Google's UK unit paid just £6m to the Treasury in 2011 on UK turnover of £395m, according to the Telegraph.
Google operates its European business out of a favourable tax jurisdiction - the Republic of Ireland - chosen due to its favourable 12.5% corporation tax rate.
The rights to the company's non-US intellectual property rights are owned in the tax haven of Bermuda, in order to minimise its costs.
The bonuses announcement came on the same day Google agreed to pay a $7m fine in the US for collecting people's personal data without authorisation as part of its Street View service. As well as agreeing to delete all the harvested data, Google has also been required to launch an employee training program about privacy and data use which it must continue for at least ten years. It must also launch a public service advertising campaign to education consumers about how to secure their information on wireless networks.
The bonuses mean that Google will receive a mark in our Anti Social Finance category in our forthcoming product guide to e-readers and e-books.
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