Rex Tillerson, the businessman nominated by Donald Trump to be the next US secretary of state, was the long-time director of a US-Russian oil firm based in the tax haven of the Bahamas, leaked documents show.Exxon had 147 subsidiaries as of 12-31-15. Thus, there are more potential board slots for Mr. Tillerson. Exxon has two subs in Kazakhstan and two Kazahkstan named affiliates, the one in the Bahamas and another Delaware based.
Tillerson – the chief executive of ExxonMobil – became a director of the oil company’s Russian subsidiary, Exxon Neftegas, in 1998.
Nineteen Exxon companies are in the Bahamas. Oddly, not one map in the company's analyst presentation showed any presence in the Bahamas.
Six subsidiaries are based in Qatar, while three are in Saudi Arabia. The Cayman Islands have but one Exxon affiliate.
Exxon is a global company. Corporate structures and executive incentive compensation are complex and intertwined in today's world.
President Obama's health reformer Nancy-Ann DeParle received private equity payouts from her former employer CCMP while in the White House. This occurred after the Obama team declared DeParle "divested all conflicting assets."
The Guardian helped shed light on Mr. Tillerson's longtime board seat with Exxon Neftegas. There likely are many more scattered around the globe.
Exxon's analyst presentation showed another key metric.
Mr. Tillerson's production of jobs during his tenure was not nearly robust as his executive pay. One could even call him a job terminator for the elimination of 40,000 jobs.
This is the management swamp that enriches executives and funds political campaigns of both stripes. It's the Red Team's turn.