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An Apple investor advisory group is recommending that shareholders shoot down CEO Tim Cook dinner’s proposed $99 million compensation package deal, citing “important concern.”
Institutional Shareholder Providers on Wednesday informed its purchasers to vote towards Cook dinner’s pay and bonuses package deal. In a letter seen by The Monetary Occasions, ISS mentioned there was a “important concern” with the inventory award given to Cook dinner in 2021 — the CEO’s first since 2011.
All through 2021, Cook dinner was awarded inventory value $82 million. The chief’s pay package deal additionally consists of $630,630 in private safety prices and $712,488 for a personal jet. ISS says the quantity “considerably exceed” awards given by comparable firms.
Apple’s Board of Administrators, then again, has beneficial shareholders approve Cook dinner’s compensation package deal. Shareholders typically comply with the board’s advice, making the ISS letter to purchasers largely performative.
The ISS final opposed an Apple compensation package deal in 2015. The group has additionally made different waves amongst Apple shareholders up to now. In 2011, it known as for Apple to reveal a succession plan given then-CEO Steve Jobs’ well being on the time. The ISS additionally questioned Jobs’ place on the Disney Board of Administrators.
With Cook dinner on the helm, Apple has seen important progress and has hit main milestones. For instance, Apple was the primary publicly traded firm 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 simply the final two quarters, Apple has additionally damaged income data.