Tim Cook’s compensation is expected to be much higher than that of similar firms in 2021, according to the association.
There has been “serious concern” expressed by a shareholder advisory body over Tim Cook’s salary as Apple’s CEO.
According to an article from the Financial Times,
According to a leading shareholder advisory body, Apple shareholders should vote against Tim Cook’s $99 million salary and incentive package, forcing one of Silicon Valley’s most renowned equal pay champions to defend his compensation at the world’s most valuable corporation.
In a letter seen by the Financial Times, Institutional Shareholder Services warned its clients that “there is a substantial worry” about Apple CEO Tim Cook’s first stock award since 2011. In 2015, ISS recommended that Apple’s stockholders not be paid.
According to the study, Tim Cook made $3 million in salary, $12 million in bonuses, and $82 million in stock awards last year. Perks including personal protection and costs for a private plane were also provided, which prompted suspicions:
Executive pay package also includes $630,630 in personal security fees as well as $712,488 for personal use of private jets, making Cook’s total compensation for 2021 equal $98.7 million.
For his 10 years as CEO of the world’s most valuable firm, Cook was awarded a new stock incentive package last year. During that time, he has presided over the introduction of some of Apple’s finest products, including its iPhones, iPads, and MacBooks. In addition, he has aided in the transfer of the corporation to Apple silicon from Intel silicon. Cook’s leadership has resulted in a return of almost 1,000 percent on Apple shares, including a 30 percent increase in the past year alone.
Even if a majority of shareholders opposes the proposed executive pay policies, Apple’s board may nonetheless choose to implement them this year despite the lack of public support.