Tim Cook explain

Investors are trying to persuade to vote against a $99m pay back that was awarded to Tim Cook last year. 

ISS(International Shareholder Services) said that it has “significant concerns” over the size of the award, up from $14.8m the year before.

Tim Cook’s net worth are reportedly more than £1bn, received the pay in shares, salary, and for other costs.

Apple has been contacted by the BBC for comment. 

Mr. Cook spoke publicly about his concerns over equality and human rights  issues, and said in 2015 that he will give away his entire fortune before he dies. 

According to ISS, Mr. Cook pays wages about 1,447 times more than average Apple employees. The package includes $630,600 in personal security costs and $712,500 for personal use of a private jet. ISS told about the cost of such perks “significantly exceeded” comparable companies last year.

Last year, SEC(Securities and Exchange Commission) filing appeared that Mr. Cook donated almost £7.4m worth of Apple shares to charity, without naming the recipient.

Many companies behind the iPhone, iPad and Macbook became the first company to hit a $3tn (£2.2tn) stock market value in January before dipping to its recent value of $2.8tn (£2.1tn).

Shareholder come back now more than 1,000% since Mr. Cook took over in 2011.

Apple is on hold due to its annual meeting for shareholders in the first week of March. However, shareholder votes are only advisory, while Apple’s board decided on the pay packages. 

In the last year’s meeting, 95%of shareholder votes supported Apple’s executive compensation programme. 

Some starbucks, general electric and IBM failed to win a majority of shareholders for executive pay in 2021. 

Exxon’s second largest shareholder, Asset manager Blackrock, makes it’s vote double against executive pay proposals in America. 

Leave a Reply

Your email address will not be published. Required fields are marked *