Apple investors are expected to vote against CEO Tim Cook’s remuneration and bonuses package, following a letter from a leading consulting services group warning its customers of “significant concerns” about the stock grant Cook received last year, according to Financial Times and In Bloomberg. “
Cook received a $ 82 million share grant last year, in addition to a $ 12 million cash bonus and a $ 3 million salary. His salary package also included $ 630,630 in personal security costs and $ 712,488 for personal use on a private jet, bringing Cook’s total for 2021 to $ 98.7 million.
Shareholders’ votes against Apple’s senior executives are for recommendation only and do not oblige the company’s board to act accordingly.
Stable leadership
Last year, Cook completed his first decade as CEO of Apple, following the death of founder Steve Jobs in 2011. Cook’s solid leadership was widely acclaimed, leading Apple to the exclusive title of the first company to reach a $ 3 billion market cap in early January. – A worthy answer to the early doubts about Apple’s capabilities, which arose after Jobs’ death.
While Jobs was known for his entrepreneurship and daring, which spawned products like the iPod and iPhone, Cook is identified with his operational expertise and political abilities, which include, among other things, promoting campaigns for social equality and privacy.
Apple has not released a response to the consulting firm’s recommendations, but there is no doubt that these will force one of the most prominent equality coefficients in Silicon Valley to find a way to protect its payment package at the most expensive company in the world.
Under Cook’s leadership, shareholders’ total returns now exceed 1,000%, including a nearly 30% rise in Apple’s share price over the past 12 months. In the fourth quarter of 2021, Apple reported profits that jumped 20% to $ 34.6 billion.
In its annual statement, released last month, Apple’s board of directors presented revenue and profits for 2021 that “significantly exceeded” the company’s goals, enabling performance-based bonus payments to executives.
Apple said it would “continue to consider shareholders’ feedback and the results of payroll votes when making decisions about future rewards.”