Norway’s oil fund said it would vote against a salary proposal that would provide Apple CEO Tim Cook with $99 million in compensation.
Among the proposals to be voted on on March 4 at Apple’s general meeting, it will also be decided on any compensation increases in favor of CEO Tim Cook.
The Norwegian Oil Fund, the world’s largest sovereign wealth fund worth $1.3 trillion, said it would vote against Apple on pay policies. The package also includes a proposal that would award Tim Cook a salary and bonus worth $99 million.
The fund says a substantial portion of the annual salary should be paid in frozen stock for five to ten years, adding that the board “should provide transparency on total compensation to avoid unacceptable results”. The group will also vote against Apple on transparency, forced labor, civil rights audits and sustainability disclosures.
As of December 31, the Norwegian oil fund held about 1% of Apple shares, not enough to make a difference at the meeting, but still important to make its voice heard.