Investors are being urged to vote against a $99m (\u00a373m) pay package awarded to Apple boss Tim Cook last year.<\/p>\n\n\n\n
Institutional Shareholder Services (ISS) said it has “significant concerns” over the size of the award, up from $14.8m the year before.<\/p>\n\n\n\n
Mr Cook, whose net worth is reportedly more than \u00a31bn, received the pay in shares, salary, and for other costs.<\/p>\n\n\n\n
The BBC has contacted Apple for comment.<\/p>\n\n\n\n
In a letter to shareholders, the ISS said there are “significant concerns” over the “design and magnitude” of the package. “Half of the award lacks performance criteria,” ISS said.<\/p>\n\n\n\n
Mr Cook, 61, who has often spoken publicly about his concerns over equality and human rights issues, said in 2015 that he would give away his entire fortune before he dies.<\/p>\n\n\n\n
According to ISS, Mr Cook’s pay was 1,447 times more than the wage of an average Apple employee.<\/p>\n\n\n\n
His package included $630,600 in personal security costs and $712,500 for personal use of a private jet. ISS said the cost of such perks “significantly exceeded” comparable companies last year.<\/p>\n\n\n\n
Last year, a US Securities and Exchange Commission (SEC) filing showed that Mr Cook donated almost \u00a37.4m worth of Apple shares to charity, without naming the recipient.<\/p>\n\n\n\n
The company behind the iPhone, iPad and MacBook became the first company to hit a $3tn (\u00a32.2tn) stock market value in January before dipping to its current value of $2.8tn (\u00a32.1tn).<\/p>\n\n\n\n
Shareholder returns are now more than 1,000% since Mr Cook took over in 2011.<\/p>\n\n\n\n
Apple is due to hold its annual meeting for shareholders in the first week of March. However, shareholder votes are only advisory, while Apple’s board decide on pay packages.<\/p>\n\n\n\n
At last year’s meeting, 95% of shareholder votes supported Apple’s executive compensation programme.<\/p>\n\n\n\n
Growing opposition
\nCompanies in the US, and UK, are facing stronger shareholder opposition over pay and compensation.<\/p>\n\n\n\n
General Electric, IBM and Starbucks failed to win a majority of shareholder backing for executive pay in 2021. US oil firms ExxonMobil and Chevron also saw shareholder revolts from climate activists last year.<\/p>\n\n\n\n
Millionaires ask to pay more tax
\nAsset manager Blackrock, Exxon’s second largest shareholder, doubled its votes against executive pay proposals in the Americas in early 2021, compared to 2020.<\/p>\n\n\n\n
In the UK, more than twice as many FTSE 100 companies faced shareholder revolts than in 2020, condemning executive pay-outs when many employees faced added financial hardships in the pandemic.<\/p>\n\n\n\n
President Joe Biden and congressional Democrats have called for higher taxes on the billionaires and big business to help pay for a major social spending package. The proposal would raise about $16bn by limiting deductions for executive compensation.<\/p>\n\n\n\n
The tax hike plan would pay for federally funded paid family leave, expanded education budgets and climate change problems.<\/p>\n","protected":false},"excerpt":{"rendered":"
Investors are being urged to vote against a $99m (\u00a373m) pay package awarded to Apple boss Tim Cook last year. Institutional Shareholder Services (ISS) said it has “significant concerns” over the size of the award, up from $14.8m the year before. Mr Cook, whose net worth is reportedly more than \u00a31bn, received the pay in … Continue reading “Apple boss Tim Cook faces backlash to \u00a373m pay package”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-3696","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/www.tech-battery.com\/batteriesblog\/wp-json\/wp\/v2\/posts\/3696","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.tech-battery.com\/batteriesblog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.tech-battery.com\/batteriesblog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.tech-battery.com\/batteriesblog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.tech-battery.com\/batteriesblog\/wp-json\/wp\/v2\/comments?post=3696"}],"version-history":[{"count":1,"href":"https:\/\/www.tech-battery.com\/batteriesblog\/wp-json\/wp\/v2\/posts\/3696\/revisions"}],"predecessor-version":[{"id":3697,"href":"https:\/\/www.tech-battery.com\/batteriesblog\/wp-json\/wp\/v2\/posts\/3696\/revisions\/3697"}],"wp:attachment":[{"href":"https:\/\/www.tech-battery.com\/batteriesblog\/wp-json\/wp\/v2\/media?parent=3696"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.tech-battery.com\/batteriesblog\/wp-json\/wp\/v2\/categories?post=3696"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.tech-battery.com\/batteriesblog\/wp-json\/wp\/v2\/tags?post=3696"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}