Largest sovereign wealth fund plans to vote against Tim Cook's $99M pay

Posted:
in AAPL Investors edited February 2022
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

Comments

  • Reply 1 of 20
    Because a trillion dollar petroleum fund has the strong ethics to say no to income and wealth disparity.
    viclauyyc13485anoyllalorca2770rob53badmonkbaconstangkillroy
  • Reply 2 of 20
    wood1208wood1208 Posts: 2,871member
    In order to teach a lesson to such fund's admin, we should put on ballot to increase Tim's compensation package even more. Apple is run by ungodly management with Tim Cook at the helm of it. He is making fraction of Elon Musk(no disrespect) who makes cars.
    What about Berkshire, who is one of the largest investor. Is Berkshire voting against Tim's package ?
    edited February 2022 9secondkox2yojimbo007
  • Reply 3 of 20
    Because a trillion dollar petroleum fund has the strong ethics to say no to income and wealth disparity.
    Actually it does! Take a good look at why the fund exists and how Norway is socially organized. 
    Scot1dinoonecrowleyrundhvid
  • Reply 4 of 20
    Do what I say... not what I do. Woke is broke.
    macseeker9secondkox2killroy
  • Reply 5 of 20
    mattinozmattinoz Posts: 2,196member
    Doesn't Apple have a policy/requirement these days to buy shares in the market they intend to give to staff as part of a salary package not issue new shares?

    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. 


  • Reply 6 of 20
    rob53rob53 Posts: 3,189member
    ppietra said:
    Because a trillion dollar petroleum fund has the strong ethics to say no to income and wealth disparity.
    Actually it does! Take a good look at why the fund exists and how Norway is socially organized. 
    I'm not worried about Norway's citizens I'm concerned about trillion dollar petroleum companies polluting the earth.
    baconstangRonnyDaddy9secondkox2killroyyojimbo007
  • Reply 7 of 20
    1% ? YAaawn.. Next!
    rob53killroy
  • Reply 8 of 20
    danoxdanox Posts: 2,372member
    wood1208 said:
    In order to teach a lesson to such fund's admin, we should put on ballot to increase Tim's compensation package even more. Apple is run by ungodly management with Tim Cook at the helm of it. He is making fraction of Elon Musk(no disrespect) who makes cars.
    What about Berkshire, who is one of the largest investor. Is Berkshire voting against Tim's package ?
    Elon Musk is a OWNER, not a hired hand like Tim Cook…..
    mwhitekillroy
  • Reply 9 of 20
    danoxdanox Posts: 2,372member
    oldcastle said:
    Do what I say... not what I do. Woke is broke.
    THAT IS THE HUMAN RACE…..
    9secondkox2
  • Reply 10 of 20
    danoxdanox Posts: 2,372member
    Because a trillion dollar petroleum fund has the strong ethics to say no to income and wealth disparity.
    Ye of little thinking, most of the other mineral rich countries in the world HAVE WASTED ALL OF THE MONEY FROM THE NATURAL RESOURCES THEY HAVE TO THE LONG RANGE DETRIMENT OF THEIR CITIZENS IE.. the UK, and Holland, note Russia is on that same path to hell and that is just Europe. Norway thought ahead of the rabble.
  • Reply 11 of 20
    rob53 said:
    ppietra said:
    Because a trillion dollar petroleum fund has the strong ethics to say no to income and wealth disparity.
    Actually it does! Take a good look at why the fund exists and how Norway is socially organized. 
    I'm not worried about Norway's citizens I'm concerned about trillion dollar petroleum companies polluting the earth.
    The fund is not an oil company!
    iHy
  • Reply 12 of 20
    ppietra said:
    Because a trillion dollar petroleum fund has the strong ethics to say no to income and wealth disparity.
    Actually it does! Take a good look at why the fund exists and how Norway is socially organized. 

    Don’t even. They’re PETROLEUM. 
  • Reply 13 of 20
    ppietra said:
    rob53 said:
    ppietra said:
    Because a trillion dollar petroleum fund has the strong ethics to say no to income and wealth disparity.
    Actually it does! Take a good look at why the fund exists and how Norway is socially organized. 
    I'm not worried about Norway's citizens I'm concerned about trillion dollar petroleum companies polluting the earth.
    The fund is not an oil company!

    They make > $0 from petroleum. 
    edited February 2022 dinoone
  • Reply 14 of 20
    wood1208wood1208 Posts: 2,871member
    danox said:
    wood1208 said:
    In order to teach a lesson to such fund's admin, we should put on ballot to increase Tim's compensation package even more. Apple is run by ungodly management with Tim Cook at the helm of it. He is making fraction of Elon Musk(no disrespect) who makes cars.
    What about Berkshire, who is one of the largest investor. Is Berkshire voting against Tim's package ?
    Elon Musk is a OWNER, not a hired hand like Tim Cook…..

    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..
    edited February 2022
  • Reply 15 of 20
    ppietra said:
    rob53 said:
    ppietra said:
    Because a trillion dollar petroleum fund has the strong ethics to say no to income and wealth disparity.
    Actually it does! Take a good look at why the fund exists and how Norway is socially organized. 
    I'm not worried about Norway's citizens I'm concerned about trillion dollar petroleum companies polluting the earth.
    The fund is not an oil company!

    They make > $0 from petroleum. 
    Just like almost any country - what do you the taxes on oil and gas are?
  • Reply 16 of 20

    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.  
    edited February 2022 killroyrundhvid
  • Reply 17 of 20
    Because a trillion dollar petroleum fund has the strong ethics to say no to income and wealth disparity.

    It's a pension fund.

    https://en.wikipedia.org/wiki/Government_Pension_Fund_of_Norway

    edited February 2022 rundhvid
  • Reply 18 of 20
    crowleycrowley Posts: 10,453member
    ppietra said:
    Because a trillion dollar petroleum fund has the strong ethics to say no to income and wealth disparity.
    Actually it does! Take a good look at why the fund exists and how Norway is socially organized. 
    Don’t even. They’re PETROLEUM. 
    No they aren't, they're a sovereign wealth fund.  Their interest is in their citizens, not petroleum.
  • Reply 19 of 20
    He Earned Every PENNY!!….

  • Reply 20 of 20
    danoxdanox Posts: 2,372member
    wood1208 said:
    danox said:
    wood1208 said:
    In order to teach a lesson to such fund's admin, we should put on ballot to increase Tim's compensation package even more. Apple is run by ungodly management with Tim Cook at the helm of it. He is making fraction of Elon Musk(no disrespect) who makes cars.
    What about Berkshire, who is one of the largest investor. Is Berkshire voting against Tim's package ?
    Elon Musk is a OWNER, not a hired hand like Tim Cook…..

    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..

    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…..
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