Apple chief Tim Cook under fire for his £74m pay package
Top shareholder advisory group Institutional Shareholder Services has told Apple investors to vote against Tim Cook’s $99m (£73m) pay and bonus package.
As first reported by the Financial Times this evening, the group told clients in a letter that there was “significant concern” with Cook’s stock awards last year, which were valued at $82m on top of a $12m cash bonus and $3m salary.
Whilst shareholder votes on executive packages are only advisory at Apple and does not force the board into action, it does demonstrate tension at the tech giant.
As Morning Wire previously reported, the Apple top dog earned an estimated 1,447 times more than the average employee at the tech giant last year, which stands in contrast to his overall campaign goals of promoting social equality.
However, what cannot be denied is significant success for the iPhone maker, which appears to have weathered the supply chain storm, remaining strong whilst Silicon Valley stocks tumbled.
Apple posted record revenue of $123.9bn (£91bn) in its fourth quarter results, an 11 per cent gain despite global chip shortages.
The iPhone maker’s net profit in the last three months of 2021 also jumped 20 per cent to $34.6bn (£25.4bn), well above Wall Street forecasts.
Cook has recognised for his strong operational leadership and hitting shareholder targets.