COMPANIES

No Data Found

NEWS

No Data Found
Advertisement
Apple shareholders urged to vote against CEO Tim Cook's pay, bonus

Apple shareholders urged to vote against CEO Tim Cook's pay, bonus

Apple will hold its annual shareholder meeting in the first week of March.

Reuters
  • Updated Feb 17, 2022 9:06 AM IST
Apple shareholders urged to vote against CEO Tim Cook's pay, bonusApple CEO Tim Cook took home $3 million in salary in 2021

Proxy advisory firm Institutional Shareholder Services (ISS) urged Apple Inc investors to vote against Chief Executive Officer Tim Cook's remuneration, citing concerns around the magnitude and structure of his equity award.

Apple will hold its annual shareholder meeting in the first week of March.

"There are significant concerns regarding the design and magnitude of the equity award made to CEO Cook in FY21... Half of the award lacks performance criteria," ISS said in a letter on Wednesday.

Advertisement

Cook took home $3 million in salary in 2021. In addition, he received $82.3 million in stock awards, $12 million for hitting Apple's targets, $1.4 million for air travel, 401(k) plan, insurance premiums and others.

In total, he earned $98.7 million in 2021, compared with $14.8 million a year earlier.

He received 333,987 restricted stock units, in his first stock grant since 2011 as part of a long-term equity plan. He will be eligible to receive additional units in 2023.

Graphic: Pragati Srivastava
Graphic: Pragati Srivastava

ISS valued Cook's 2021 equity award at $75 million. His pay was 1,447 times that of the average employee at the tech giant, according to a filing disclosed in January.

Advertisement

"Half of the $75 million award is purely time-based, and the award would continue to vest in full in the event of his retirement," ISS wrote.

Apple declined to comment and referred to the company's proxy filing detailing Cook's performance-based compensation.

Published on: Feb 17, 2022 9:06 AM IST
Post a comment0