Apple Shareholders Approve Tim Cook’s $100M Payday
Apple shareholders voted to approve a compensation package worth A$133.5 million for CEO Tim Cook, voting against independent advice that the payday was excessive.
As many pundits have pointed out, this package is 1,447 times larger than the average pay packet at Apple.
Last month, advisory firm Institutional Shareholder Services strongly recommended Cook’s proposed compensation be voted down.
“There are significant concerns regarding the design and magnitude of the equity award made to CEO Cook,” ISS said in a report ahead of the shareholder meeting.
Apple’s stock has increased by more than 1,200 per cent since Cook was named CEO in 2011. It’s no wonder shareholders were in his corner.