What you need to know
- Apple held its annual shareholders' meeting on Friday, March 4.
- Shareholders voted to pass the company's executive compensation package for 2022.
- Some groups had previously raised concern about Tim Cook's $100M pay award.
Apple shareholders have voted to approve the company's executive compensation package for 2022, despite some opposition and concerns about Tim Cook's level of pay.
Apple held its annual meeting on March 4, at which shareholders voted on ten proposals including a much-discussed executive compensation package for 2022. In an SEC filing, Apple confirmed that the advisory resolution to approve the package was passed.
Multiple reports prior to the meeting and said vote had expressed concern about the level of pay received by CEO Tim Cook. Earlier in February a shareholder group said it had "significant concerns" about Cook's Pay. The now-veteran CEO received almost $100M in compensation in 2021, thanks mostly to a huge $82 million stock award, a $12 million bonus and his annual salary of $3 million. The group, along with Norway's sovereign wealth fund had expressed their displeasure at the level of compensation, the latter advising it would downvote the proposals. Apple had recommended to shareholders that they pass the measure, however, the vote was advisory and even if it had been rejected, it would likely still have been enacted by Apple.
Shareholders voted down measures for transparency reports, reports on forced labor, and a pay equity proposal at the meeting Friday. The most surprising outcome was shareholders voting against Apple's recommendation and in favor of measures that will see the company conduct third-party audits regarding its civil rights, especially pertaining to the treatment of its employees.