January 28, 2023

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Apple CEO Tim Cook faces shareholder revolt over $99m salary package | An apple

A powerful investor advisory group has called on shareholders to vote against the $99m (£73m) salary package given to Apple’s chief executive. Tim Cook last year.

In a letter to shareholders, the Institutional Shareholder Services (ISS) advisory firm wrote that there were “significant concerns regarding the design and scale of the equity award” presented to Cook in 2021, adding that half of the award “lacked performance criteria.”

The ISS had made a recommendation on the date of the company’s shareholders meeting next month.

Cook, 61, has a personal fortune of $2.3 billion, according to ForbesHe was an outspoken critic of social and economic inequality. He vowed to give up his fortune before his death.

Last year, Cook earned a salary of $3 million, and received $82.3 million in stock awards, $12 million for achieving goals, and another $1.4 million for air travel, retirement plan contributions, insurance premiums and other contributions.

His total bonus was $98.7 million in 2021, compared to $14.8 million in the previous year. Cook’s wage was 1,447 times his average wage An apple employee, according to a filing disclosed in January.

Apple has been one of the pandemic’s biggest winners. Its stock price soared as the coronavirus pushed workers online.

In January, it briefly became the first company worth $3 trillionbecame the first A $1 Trillion Dollar Company in 2018.

Apple has so far escaped the stock price crash suffered by some other tech giants, including Meta and the owner of Facebook and Netflix. In January, the company announced an all-time record revenue of $123.9 billion, up 11 percent from a year ago and higher than analysts had expected.

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But shareholders are becoming increasingly resentful of CEO pay deals. last year A record number of S&P 500 companies They failed to attract 50% of the shareholders from the campaign support for CEO pay deals.

A vote against Cook’s salary package will be advisory only and Apple’s board will not have to act on it.