Apple shareholders approved Chief Executive Officer Tim Cook’s annual compensation in a virtual meeting on Friday, and voted in favor of a proposal urging Apple to oversee a third-party civil rights audit of the company’s policies and practices.
By approving Cook’s pay package, investors rejected some concerns, including from proxy advisory firm Institutional Shareholder Services (ISS), over the magnitude and structure of his equity award. ISS had urged shareholders to vote against the pay package.
Cook, who took the helm in 2011, last year received a compensation package with a total value of $98.7 million, a sum 1,447 times that of the average employee, thanks to a stock grant as part of a long-term equity plan.
SOC Investment Group Executive Director Dieter Waizenegger, a proponent of the civil rights proposal, said the vote in favor of the resolution should push Apple to combat inequality and address harm to marginalized groups… Shareholders voted against proposals calling on Apple to increase transparency in the company’s efforts to protect workers in its supply chain from forced labor and another on gender and racial pay gaps.
MacDailyNews Take: Apple’s 2022 Proxy Statement is here.
“Yes, executive compensation is out of whack. Tim Cook is vastly overpaid for what he does. This is because he holds a rare skillset and it benefits the shareholders to have continuity in the CEO position. Basically, Apple overpays Tim Cook in order to have a long-term CEO which provides confidence to the market. A succession of different CEOs jumping from company to company every other year seeking higher salaries would be a negative and justifies Cook’s overpayment. Cook is paid to stay more than for what he actually does. This is why he has vesting targets set years into the future. If he stays, providing continuity, he benefits and so does the company’s stock price.” — MacDailyNews, February 18, 2022
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Good👍🏼.. The Man Earned Every PENNY!
Agreed! Damn right he did! (Undergrad dorm room Twinks who think they know what Tim Cook does day to day! Get to Class! LOL
At this point he does more harm than good. I agree with MDN analysis of why he’s paid, but he’s degradating Apple, much like Skulley did, just with far more money so you do not notice it.
He’s failed at business 101 diversification of supply chain. Craig Federighi would revitalize Apple. He could also be paid to stay for a long time and has been there a long time. Much like a new CEO breathed new life into Microsoft, so would Craig with apple. It’s far past time for Cook to go.
Apple needs a great chef, instead it has a lousy cook.
Pa-shawwww!!! You sound like one of those undergrad Dorm Room Twinks who thinks he knows what Tim Took does day to day!
I didn’t vote for the “third party civil rights audit” that’s for sure.
There are those on MDN who criticize Cook for anything and everything to do with China. Some, not all, of the complaints have merit. If a 3rd party auditor is what it takes for Cook to source exclusively from democratic nations, so be it.
It’s stupid for US corporations to economically empower anti-democratic regimes across the globe in the effort to save a few pennies per unit that Apple obviously can afford to live without. Cook’s obscene personal compensation alone would cover the investments necessary to repatriate production to democratic countries on each continent.
MacDailyNews and “Zombie” User comment have no clue what Tim Cook does day to day. And for MDN to side with ISS who are bunch of clueless weasels is stunning. I suggest MSN stick to reporting on upcoming Apple Events, products, and services… and leave their “think tank” opinions to undergrad dorm room boys who think they know everything.
MDN take.
“ A succession of different CEOs jumping from company to company every other year seeking higher salaries would be a negative and justifies Cook’s overpayment. Cook is paid to stay more than for what he actually does.”
You guys ahem…basement ceo central..are clueless about big business.
Tim Cook has built a colossus which you parasitize for personal gain…and you don’t know which side your bread is buttered loll
Something to think about, since MDN’s bias doesn’t allow them to give credit where it is due.
Under Tim Cook:-
If you invested $1,000 in Apple the day Cook became CEO in 2011, the market value of your shares would be worth $12,970.28 today, In contrast, a $1,000 investment in the S&P 500 index would have seen a 365.9% return over the same period and would be worth about $4,659.
Apple services has grown from under $3B in 2011 to in excess of $65B
Apple’s market has grown from a $364.4 billion market cap to $2.6 trillion, becoming the first publicly traded U.S. company to reach a $1 trillion market cap in 2018, $2 trillion just over two years later.
All in eleven years.
MDN: “That’s just terrible, sack him!”
smh
Nowhere above does MDN say to “sack” Tim Cook.
MDN is actually justifying his overpayment, if you could read.