What you need to know
- A shareholder group says it has significant concerns over Tim Cook's pay.
- Institutional Shareholder Services says that Cook's perks also significantly exceed those of other companies.
- Shareholders will vote on executive compensation at their annual meeting next month.
A shareholder advisory group has raised 'significant concern' over the amount of compensation Tim Cook receives as CEO of Apple.
Financial Times reports:
As the report notes last year Tim Cook received a salary of $3 million, a $12 million bonus, and an $82 million stock award. He also received perks including personal security and expenses for a private jet that raised eyebrows:
Cook received a new stock incentive package last year to mark a decade at the helm of the world's most valuable company, and has overseen launches of some of the company's best iPhones, iPads, Macs, and more. He has also guided the company towards its transition from Intel to Apple silicon. As the report notes, returns on Apple stock under Cook's leadership are now over 1,000 percent, including a 30 percent leap in the last year alone.
Any vote of shareholders on executive compensation is advisory, so even if it doesn't have popular support among the group Apple's board may still be minded to pass the proposed measures for this year.
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Stephen Warwick has written about Apple for five years at iMore and previously elsewhere. He covers all of iMore's latest breaking news regarding all of Apple's products and services, both hardware and software. Stephen has interviewed industry experts in a range of fields including finance, litigation, security, and more. He also specializes in curating and reviewing audio hardware and has experience beyond journalism in sound engineering, production, and design.
Before becoming a writer Stephen studied Ancient History at University and also worked at Apple for more than two years. Stephen is also a host on the iMore show, a weekly podcast recorded live that discusses the latest in breaking Apple news, as well as featuring fun trivia about all things Apple. Follow him on Twitter @stephenwarwick9