Proxy advisory firm Institutional Shareholder Services (ISS) is recommending that Apple shareholders vote for the company’s director nominees and the pay packages for CEO Tim Cook and other top executives.
The ISS stance, published in a research note on Friday, comes after the iPhone maker had slashed Cook’s 2023 compensation target by more than 40% to $49 million. Cook’s salary will also depend more on how well the company’s shares perform relative to market peers, according to regulatory filings by the company.
The proxy advisory firm also recommended investors vote for proposals including a resolution demanding a report on median gender and racial pay gaps, and an amendment of proxy access right, both of which were opposed by the company’s management…
During last year’s annual meeting, Apple shareholders had voted down a proposal requesting that the company report on its gender and racial pay gaps, with 66.4% of votes cast against it.
MacDailyNews Note: Apple will host the 2023 Annual Meeting of Shareholders on March 10, 2023 at 9:00 am P.T. in a virtual format. You can access the meeting by visiting www.virtualshareholdermeeting.com/AAPL2023 on the day of the meeting. The bank, broker, or other organization that holds your Apple shares will be issuing proxy materials to you that will include a unique control number. You’ll need that unique control number to access the meeting, and vote during the meeting. The record date for the meeting is January 9, 2023. Additional details about the meeting and the matters to be voted on are available in Apple’s proxy statement here.
Today is Washington’s Birthday in the U.S.A., a federal holiday and, as such, the U.S. markets are closed for the day. We will resume our regular posting schedule on Tuesday.
Washington’s Farewell Address, September 19, 1796
Please help support MacDailyNews. Click or tap here to support our independent tech blog. Thank you!
Shop The Apple Store at Amazon.
Only $49 million for a whole year of work? Why, that’s less than a million bucks a week, barely $200,000 a day (assuming a five day week). Even if Cook worked 12 hours a day, 365 days a year, he’s still earning more than $11,000 AN HOUR!
I know a lot of posters here don’t like or respect Tim Cook. Yet many of the very same folks think CEOs — including Cook — somehow deserve the obscene pay they’re granted by friendly boards. I don’t get it.
And it’s NOT the same as athletes or actors or rock stars — they get their money from the free market, based largely on their current performance, and there’s usually a direct correlation between what they earn and what the owners (or studios, or record labels) expect to earn from their individual labors.
As far as I know, there is no “free market” for CEOs. If Apple won’t pay Cook his $49 million, it’s not like he can sign with Intel. Not really.
You are “in” the free market. If Cook is receiving too much pay for your liking, guess what…your opinion can be materialized by buying no more Apple products. Instead, I assume you will proclaim pay disparity, but you will continue to buy/use products within the AAPL ecosystem. Help us understand this…if true, please.
Eh No. You Raise the Prices for stuff for ME to pay, Why should I give you a raise for? Does Apple think the New OS’s are an Upgrade? They’re not.
Would be nice to take that money and lower the price of a few products. I’m all for a capitalism, fair wage and management getting paid well for their management headaches of running a business, but not this year. My spendable money has decreased and is very noticeable. I doubt Tim and others in upper management struggle much with $6 and $7 eggs, or need to choose from the cheapest dinners on a restaurant menu. I’m a shareholder and I vote no for this year.
I vote no for the entire Board every year. I just wish the Chicago voting rules applied so that I could vote no for Al Gore much more often.
Think how many athletes get 100s of millions of dollars to work 7 months a year. Think again, how many athletes get guaranteed contracts and never make another bucket, score another TD and bat 211 for the season and then get traded. At least you can say Tim has earned his money based on the company’s performance. I was a CEO (not nearly at the level of responsibility as Tim) and you don’t work 12 hrs a day in these jobs. These are 24/7 jobs.
Every year that the likes of Al Gore, grifter extraordinaire, remains on the Board troubles me about the management, vision, and future of Apple. The list of woke hires is too long and too painful to list as well.
Al is a conservative WASP in comparison to the millenials filling up the ranks at Apple 😆