Proxy advisory agency Institutional Shareholder Services (ISS) urged Apple Inc traders to vote against Chief Executive Officer Tim Cook’s remuneration, citing considerations across the magnitude and construction of his fairness award.
Apple will maintain its annual shareholder assembly within the first week of March.
“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 stated in a letter.
Cook took residence $3 million in wage in 2021. In addition, he acquired $82.3 million in inventory awards, $12 million for hitting Apple’s targets, $1.4 million for air journey, 401(ok) plan, insurance coverage premiums and others.
In whole, he earned $98.7 million in 2021, in contrast with $14.8 million a 12 months earlier.
He acquired 333,987 restricted inventory items, in his first inventory grant since 2011 as a part of a long-term fairness plan. He shall be eligible to obtain further items in 2023.
ISS valued Cook’s 2021 fairness award at $75 million. His pay was 1,447 instances that of the common worker on the tech big, in accordance to a submitting disclosed in January.
“Half of the $75 million award is purely time-based, and the award would continue to vest in full in the event of his retirement,” ISS wrote.
Apple was not instantly obtainable for a remark.
(Reporting by Nivedita Balu in Bengaluru)