According to the Financial Times, Apple shareholders are being asked to vote against a $99 million compensation package for Apple CEO Tim Cook. The Shareholder Advisory Group Institutional Shareholder Services (ISS) said there was “significant concern” about the shares that were awarded to Cook in 2021.
Last year, Tim Cook received shares worth $82 million, along with a salary of $3 million and a bonus of $12 million. The stock award was the first incentive package given to the CEO since 2011, when he received an initial stock package for his tenure at Apple.
According to the ISS, Cook’s compensation in 2021 far exceeded that provided by similar companies last year. Despite this, shareholder votes on the compensation Apple pays to executives are advisory and the board of directors has no obligation to abide by them. In its statement, Apple said it “will continue to consider shareholder feedback and pay vote results when making future compensation decisions”.
Under Tim Cook, Apple enjoyed continued success and quickly became the first company to hit a $3 trillion valuation in January. Apple’s executive compensation is tied to the performance of the company, which has consistently met its targets in recent years.