CEO Tim Cook should not get a $99 million pay package, according to a group of shareholders

Advertisements

The Financial Times claims that Apple shareholders are being pushed to vote against a proposed $99 million pay package for Apple CEO Tim Cook. There is “serious worry” about the stock Cook will get in 2021, according to shareholder advisory firm Institutional Shareholder Services (ISS).

jxDXtkJfjoNCqF2jxpLBpe-1024-80.jpg

Cook received a $82 million stock award last year, coupled with a $3 million salary and a $12 million bonus, making it the first incentive package he’d received since his 2011 package was paid out in full for his time at the company.

In 2021, according to ISS, Cook will get a salary that “substantially exceeds” what similar firms paid him in 2018. Apple’s pay packages have been the subject of ISS criticism for seven years.

Advertisements

Apple’s board of directors is not obligated to take action based on shareholder votes on CEO remuneration. According to the Financial Times, a reaction against Cook’s remuneration might persuade the board of directors at Apple. When making future compensation choices, Apple said in its proxy statement that it would “continue to consider shareholder feedback and the results of say-on-pay votes.”

Apple has thrived under Cook’s leadership over the past decade, and in January, the business briefly became the first to be valued at $3 trillion. Compensation for Apple executives depends on corporate success, and Apple has consistently exceeded its goals.

Advertisements

Leave a Comment