Largest sovereign wealth fund plans to vote against Tim Cook's $99M pay
Norway's oil fund has declared it will be voting against a pay policy that would provide Apple CEO Tim Cook a $99 million compensation package along with other proposals ahead of Apple's annual shareholder meeting.
Apple will be holding its annual shareholder meeting virtually on Friday, March 4, giving an opportunity for votes to be cast on a number of proposals. Days ahead of the event, one organization has disclosed how it intends to vote.
Norway's oil fund, the world's largest sovereign wealth fund valued at $1.3 trillion, said on Sunday it will be voting against Apple on pay policies. The disclosure includes one vote that would grant Tim Cook salary and bonuses valued at $99 million.
The fund said that a substantial part of annual pay should be provided in shares, which should be locked in for five to ten years, reports the Financial Times. It also says the board "should provide transparency on total remuneration to avoid unacceptable outcomes."
The group will also be voting against Apple in relation to transparency, forced labor, an audit of civil rights, and sustainability disclosures.
The signaling by the fund follows after another declaration from February 16, when Institutional Shareholder Services told clients to vote against the pay and bonus package. ISS cited "significant concern" with the stock award in 2021.
Norway's fund owned approximately 1 percent of the shares in Apple as of December 31, 2020. The ownership on its own isn't necessarily enough to make a difference, especially since shareholders typically follow recommendations from Apple's Board of Directors.
Read on AppleInsider
Apple will be holding its annual shareholder meeting virtually on Friday, March 4, giving an opportunity for votes to be cast on a number of proposals. Days ahead of the event, one organization has disclosed how it intends to vote.
Norway's oil fund, the world's largest sovereign wealth fund valued at $1.3 trillion, said on Sunday it will be voting against Apple on pay policies. The disclosure includes one vote that would grant Tim Cook salary and bonuses valued at $99 million.
The fund said that a substantial part of annual pay should be provided in shares, which should be locked in for five to ten years, reports the Financial Times. It also says the board "should provide transparency on total remuneration to avoid unacceptable outcomes."
The group will also be voting against Apple in relation to transparency, forced labor, an audit of civil rights, and sustainability disclosures.
The signaling by the fund follows after another declaration from February 16, when Institutional Shareholder Services told clients to vote against the pay and bonus package. ISS cited "significant concern" with the stock award in 2021.
Norway's fund owned approximately 1 percent of the shares in Apple as of December 31, 2020. The ownership on its own isn't necessarily enough to make a difference, especially since shareholders typically follow recommendations from Apple's Board of Directors.
Read on AppleInsider
Comments
Seems like they want Apple to help keep the price up by holding shares locked out of the market for 5 years instead of just paying staff what they are worth directly.
i think Tesla is a public company in which others(including me) are shareholders like Mr Musk. He may be largest(25%) shareholder but does not own 100% of Tesla and he is also a hired man..
Say what you will about Cook, but he has turned Apple into the biggest, most successful company in the world.
He makes it look easy. It's not. I don't even want to imagine the difficulty and sacrifice that has entered his life in the process.
In spite of the giant machine that is Apple, Cook runs it like a lean startup. It makes the best products in the world and turns on a dime when necessary. That is beyond impressive. It has been mentioned recently in the news how well managed Apple is. That doesn't just happen. And Cook is the #1 reason for it. That is why Jobs tapped him to be the CEO as his days were counting down.
Give the man his 99 million. Reward him. He has earned it.
It's a pension fund.
https://en.wikipedia.org/wiki/Government_Pension_Fund_of_Norway
Elon has controlling (voting interest) like Zuckerberg, and the owners of Google he can’t be kicked out he can be a ass all day long Tim can not…..