Technology

Apple shareholders urged to vote against bonus for Tim Cook

Tech giant due to hold its annual shareholder meeting in the first week of March

Apple chief executive Tim Cook earned $98.7 million in 2021, compared with $14.8 million a year earlier. Photograph: Chris Delmas / AFP

Thu Feb 17 2022 - 09:52

Proxy advisory firm Institutional Shareholder Services (ISS) has urged Apple investors to vote against chief executive Tim Cook's remuneration, citing concerns around the magnitude and structure of his equity award.

Apple will hold its annual shareholder meeting in the first week of March.

"There are significant concerns regarding the design and magnitude of the equity award made to chief executive Tim Cook in 2021...Half of the award lacks performance criteria," ISS said in a letter on Wednesday.

Mr Cook took home $3 million (€2.6 million) in salary in 2021. In addition, he received $82.3 million in stock awards, $12 million for hitting Apple’s targets, $1.4 million for air travel, his pension plan, insurance premiums and others.

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In total he earned $98.7 million in 2021, compared with $14.8 million a year earlier.

He received 333,987 restricted stock units, in his first stock grant since 2011 as part of a long-term equity plan. He will be eligible to receive additional units in 2023.

ISS valued Mr Cook’s 2021 equity award at $75 million. His pay was 1,447 times that of the average employee at the tech giant, according to a filing disclosed in January.

“Half of the $75 million award is purely time-based, and the award would continue to vest in full in the event of his retirement,” ISS wrote.

Apple declined to comment and referred to the company’s proxy filing detailing Mr Cook’s performance-based compensation. – Reuters

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