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Apple shareholders approve Tim Cook’s $100 million payday

Apple shareholders on Friday voted to approve a nearly $100 million compensation package for CEO Tim Cook – signaling their support despite a consulting firm’s stance that the compensation was a bit excessive.

Cook’s lucrative salary package for Apple’s fiscal 2021 is $98.73 million in total compensation — including more than $82 million in stock awards, a $12 million bonus for meeting internal performance targets, and a base salary of $3 million.

The Apple CEO’s deal was 1,447 times larger than the salary package offered to the average employee at the tech giant.

The vote for Cook’s pay package was largely symbolic. While shareholders of publicly traded companies are allowed to influence executive pay, the votes are nonbinding – meaning Apple could have pushed the plan forward even if shareholders had voted to reject it.

Nevertheless, a refusal would have been a clear reprimand for Apple.

In February, Institutional Shareholder Services, a consulting firm, argued that shareholders should reject the compensation. The company said elements of Cook’s payday, such as B. $712,000 for private jet travel, compared to those offered by similar companies, is extreme.

“There are significant concerns about the design and size of CEO Cook’s stock award,” ISS said in a report ahead of the shareholders’ meeting.

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Tim Cook’s deal was 1,447 times larger than the salary package offered to the average Apple employee.
Bill Clark

Apple outlined the salary plan in an SEC filing released in January — noting that the company’s stock price and earnings had risen sharply under Cook’s leadership. Cook received an equity award for the first time since becoming CEO in 2011.

Cook’s salary was up significantly from the year before, when he earned the relatively paltry $14.8 million in compensation.

Shareholders also voted to endorse Apple’s board of directors, approving a proposal urging the company to conduct an independent civil rights review of its internal policies and practices. Meanwhile, shareholders rejected proposals calling for more transparency about Apple’s plans to tackle gender and racial pay gaps and concerns about the use of alleged forced labor in its supply chain.

With mail wires

https://nypost.com/2022/03/04/apple-shareholders-approve-tim-cooks-100m-payday/ Apple shareholders approve Tim Cook’s $100 million payday

DUSTIN JONES

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