Apple shareholder group urges a no vote on CEO Tim Cook's $99M pay package
An Apple investor advisory group is recommending that shareholders shoot down CEO Tim Cook's proposed $99 million compensation package, citing "significant concern."
Apple CEO Tim Cook
Institutional Shareholder Services on Wednesday told its clients to vote against Cook's pay and bonuses package. In a letter seen by The Financial Times, ISS said there was a "significant concern" with the stock award given to Cook in 2021 -- the CEO's first since 2011.
Throughout 2021, Cook was awarded stock worth $82 million. The executive's pay package also includes $630,630 in personal security costs and $712,488 for a private jet. ISS says the amount "significantly exceed" awards given by comparable companies.
Apple's Board of Directors, on the other hand, has recommended shareholders approve Cook's compensation package. Shareholders generally follow the board's recommendation, making the ISS letter to clients mostly performative.
The ISS last opposed an Apple compensation package in 2015. The group has also made other waves among Apple shareholders in the past. In 2011, it called for Apple to disclose a succession plan given then-CEO Steve Jobs' health at the time. The ISS also questioned Jobs' place on the Disney Board of Directors.
With Cook at the helm, Apple has seen significant growth and has hit major milestones. For example, Apple was the first publicly traded company to hit a $1 trillion market capitalization in 2018 and a $2 trillion market cap in 2020. Apple briefly eclipsed the $3 trillion valuation in 2022. In just the last two quarters, Apple has also broken revenue records.
Apple's annual shareholder meeting is scheduled for Friday, March 4. It will be held in a virtual format.
Read on AppleInsider
Apple CEO Tim Cook
Institutional Shareholder Services on Wednesday told its clients to vote against Cook's pay and bonuses package. In a letter seen by The Financial Times, ISS said there was a "significant concern" with the stock award given to Cook in 2021 -- the CEO's first since 2011.
Throughout 2021, Cook was awarded stock worth $82 million. The executive's pay package also includes $630,630 in personal security costs and $712,488 for a private jet. ISS says the amount "significantly exceed" awards given by comparable companies.
Apple's Board of Directors, on the other hand, has recommended shareholders approve Cook's compensation package. Shareholders generally follow the board's recommendation, making the ISS letter to clients mostly performative.
The ISS last opposed an Apple compensation package in 2015. The group has also made other waves among Apple shareholders in the past. In 2011, it called for Apple to disclose a succession plan given then-CEO Steve Jobs' health at the time. The ISS also questioned Jobs' place on the Disney Board of Directors.
With Cook at the helm, Apple has seen significant growth and has hit major milestones. For example, Apple was the first publicly traded company to hit a $1 trillion market capitalization in 2018 and a $2 trillion market cap in 2020. Apple briefly eclipsed the $3 trillion valuation in 2022. In just the last two quarters, Apple has also broken revenue records.
Apple's annual shareholder meeting is scheduled for Friday, March 4. It will be held in a virtual format.
Read on AppleInsider
Comments
Comparable companies?
Hasn't Cook spent most of his career as a CEO getting paid less than other companies that make considerably less?
Additionally, would you prefer that a CEO gets paid a base salary without much emphasis on performance? As an investor I say that fuck that.
https://www.bloomberg.com/graphics/2021-highest-paid-ceos/
He earned Every Penny!!!!!
www.foxbusiness.com/features/apple-ceo-tim-cook-joins-long-list-of-magnates-committing-to-donate-most-of-their-to-charity
It seems the accolades here cite stock performance and growth as the main (only) measure of success...?
www.pcmag.com/news/small-business-owners-overwhelmed-by-tech
and yet:
www.economist.com/prospero/2011/10/06/beautiful-gadget-no-manual-necessary
www.smithsonianmag.com/arts-culture/how-steve-jobs-love-of-simplicity-fueled-a-design-revolution-23868877/
All things Apple seem to have become incredibly more complex, not the least is dealing with the now annual macOS releases since 2011.
The loss of 32 bit app support (Windows does) has been a particular concern (cost/workflow/training) for this life time customer...
Is the mac still 'a computer for the rest of us...?'
I'd like to have the option to upgrade on merit or need. Kind of like onboard RAM and storage that means throwing out the baby with the bath water. Is that why $99M is available to a single human...?
When I search under about this mac I get over 400 hits on 32 bit apps, and more major considerations include losing things like an Adobe Master Collection, which isn't even available for upgrade with a persistent license option, effectively forcing a choice of subscription or abandonment.
Even for Acrobat Pro (still available persistent) Adobe wants $450 USD (no upgrade beyond 2 years) while my current version keeps happily doing what is needed with no complaints. At what point are customers being held to ransom...? It certainly feels that way at times, although I assume it serves the developers well, including $99M compensation for a single human... Is that better...?
I still have a G4 powerbook that runs (for now) including 'Classic' and an entire life's work on the mac... iWeb is another app that I really like, and think is some of the best 'no manual required' intuitive software to ever come from the Steve Jobs era... 32 bit, of course...