Shareholders urged to vote against Apple boss bonus

Institutional Shareholder Services (ISS), the proxy advisory firm, has reportedly urged shareholders to vote against a £73 million ($99 million) pay package for Apple chief executive Tim Cook.

The organisation said it was concerned about the size of the remuneration – which increased by around £62 million in 2021 from £10.8 million ($14.8 million) in the previous year.

“There are significant concerns regarding the design and magnitude of the equity award made to CEO Cook in FY21” said ISS in a letter seen by Reuters.

According to the news agency, the Apple boss received £2.2 million ($3 million) in salary last year, as well as £60.4 million ($82.3 million) in stock awards, £8.8 million ($12 million) for hitting Apple Targets, as well as £1 million ($1.4 million) for air travel.

It said that ISS valued the chief executive’s 2021 equity award at £55 million ($75 million) – meaning his salary was 1,447 times higher than the average employee at the company.

"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, as reported by Reuters.

National Technology News has approached Apple for comment.

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