Home
Apps
Apps News
Apple Shareholders Urged to Vote Against CEO Tim Cook's Swelling Bonus

Apple Shareholders Urged to Vote Against CEO Tim Cook's Swelling Bonus

Tim Cook earned $$98.7 million (roughly Rs. 740 crore) in 2021, compared with $14.8 million (roughly Rs. 110 crore) a year earlier.

By Reuters | Updated: 17 February 2022 10:36 IST

Apple Shareholders Urged to Vote Against CEO Tim Cook's Swelling Bonus

Tim Cook took home $3 million (roughly Rs. 20 crore) in salary in 2021

Click Here to Add Gadgets360 As A Trusted Source

Highlights

Tim Cook received 333,987 restricted stock units
ISS value Cook's 2021 equity award at $75 million (roughly Rs. 560 crore)
Cook took home $3 million (roughly Rs. 20 crore) in salary in 2021

Proxy advisory firm Institutional Shareholder Services (ISS) urged Apple Inc investors to vote against Chief Executive Officer Tim Cook's remuneration, citing concerns around the magnitude and structure of his equity award.

Apple will hold its annual shareholder meeting in the first week of March.

Apple Discussion

Explore More...

"There are significant concerns regarding the design and magnitude of the equity award made to CEO Cook in FY21... Half of the award lacks performance criteria," ISS said in a letter on Wednesday.

Tim Cook Earned Over 1,400 Times the Average Apple Worker in 2021

Cook took home $3 million (roughly Rs. 20 crore) in salary in 2021. In addition, he received $82.3 million (roughly Rs. 620 crore) in stock awards, $12 million (roughly Rs. 90 crore) for hitting Apple's targets, $1.4 million (roughly Rs. 10 crore) for air travel, 401(k) plan, insurance premiums, and others.

In total, he earned $98.7 million (roughly Rs. 740 crore) in 2021, compared with $14.8 million (roughly Rs. 110 crore) a year earlier.

He received 333,987 restricted stock units, in his first stock grant since 2011 as part of a long-term equity plan. He will be eligible to receive additional units in 2023.

Tim Cook Earned Over 1,400 Times the Average Apple Worker in 2021

ISS valued Cook's 2021 equity award at $75 million (roughly Rs. 560 crore). His pay was 1,447 times that of the average employee at the tech giant, according to a filing disclosed in January.

"Half of the $75 million (roughly Rs. 560 crore) award is purely time-based, and the award would continue to vest in full in the event of his retirement," ISS wrote.

Apple declined to comment and referred to the company's proxy filing detailing Cook's performance-based compensation.

Do Samsung's Galaxy S22 and Tab S8 series have any Android competition? We discuss this on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.

Affiliate links may be automatically generated - see our ethics statement for details.

Comments

Get your daily dose of tech news, reviews, and insights, in under 80 characters on Gadgets 360 Turbo. Connect with fellow tech lovers on our Forum. Follow us on X, Facebook, WhatsApp, Threads and Google News for instant updates. Catch all the action on our YouTube channel.