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Institutional Shareholder Services urges Apple shareholder to vote against CEO Tim Cook’s bonus

Wednesday February 16, 2022. 09:14 PM , from Mac Daily News
Proxy advisory firm Institutional Shareholder Services is urging Apple investors to vote against Chief Executive Officer Tim Cook’s remuneration, citing concerns around the magnitude and structure of his equity award.
Apple CEO Tim Cook
Apple’s annual shareholders meeting is set to take place Friday, March 4 at 9:00 a.m. PT / 12:00 p.m. ET.
Reuters:

“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 said in a letter.
Cook took home $3 million in salary in 2021. In addition, he received $82.3 million in stock awards, $12 million for hitting Apple’s targets, $1.4 million for air travel, 401(k) plan, insurance premiums and others.
In total, he earned $98.7 million in 2021, compared with $14.8 million a year earlier.
He received 333,987 restricted stock units, in his first stock grant since 2011 as part of a long-term equity plan. He will be eligible to receive additional units in 2023.
ISS valued Cook’s 2021 equity award at $75 million. His pay was 1,447 times that of the average employee at the tech giant, according to a filing disclosed in January.

Patrick Temple-West and Tim Bradshaw for Financial Times:

Shareholder votes on Apple’s executive packages are advisory only and do not require its board to take action in response. Some 95 per cent of votes cast last year went in Apple’s favour. But a significant protest this year could sway Apple’s board, nine years after the previous meaningful backlash over Cook’s pay.
ISS’s negative recommendation for Apple comes after a record number of S&P 500 companies last year failed to garner 50 per cent support for a pay vote at annual meetings.

MacDailyNews Take: Apple could do just as well or, likely, better, perhaps far better, for considerably less outlay at the CEO position.
• A visionary CEO would make the company more appealing to a broader customer base than one who’s not.
• A charismatic CEO with stage presence would make the company more appealing to a broader customer base than one who lacks both attributes.
• A publicly apolitical CEO would make the company more appealing to a broader customer base than one who’s pigeonholed himself and, to a significant degree, unfortunately, Apple’s brand.
I’m going to just stay away from all that political stuff because that was just a personal thing. — Steve Jobs, August 2004
(See also: Apple-backed Southern Poverty Law Center wracked in turmoil, called a ‘con’ for ‘bilking gullible liberals’ – March 24, 2019)
To be perfectly clear: The problem isn’t Tim Cook espousing political views and donating to political causes. It’s still a free country in most places. The problem is his very questionable practice of hijacking Apple’s brand and capital to do so.
Even with you agree 100% with everything Tim Cook says and does (which, unless you are Tim Cook, is likely an issue in and of itself), all you have to do is simply imagine that Apple’s CEO is someone else — say, Peter Thiel — and that they’re also prone to using Apple’s brand and established goodwill to espouse and promote their own political beliefs…
We’re pretty sure that Steve Jobs did not intend for Apple to be turned into a personal soapbox for whoever happens to be occupying in the CEO’s office at the moment. — MacDailyNews, June 26, 2018
• A pragmatic CEO would have a more diversified supply chain and assembly points, so as to not be beholden to the whims of an authoritarian country locked under single-party control with a very poor human rights record and a penchant for censorship.
• Any CEO who would approve of even floating the idea of, much less intending to implement, a scheme of on-device photo scanning, without user permission or control, is not fit to be Apple CEO.
As an aside: We have never voted for Tim Cook in the Election of Directors nor will we vote for any subsequent Apple CEO in the Election of Directors. A CEO should not be on the BoD; too many conflicts of interest.
Apple’s proposals, proxy statement, and more information can be found here.
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The post Institutional Shareholder Services urges Apple shareholder to vote against CEO Tim Cook’s bonus appeared first on MacDailyNews.
https://macdailynews.com/2022/02/16/institutional-shareholder-services-urges-apple-shareholder-to-vo...
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