The 73 million payouts of Apple chief executive Tim Cook last year have sparked a revolt from shareholders. He received his first stock award over the period of 10 years after holding the leadership position. His package includes shares worth 60 million pounds, a cash bonus of 9 million pounds, a salary of 2 million pounds and more with respect to private jet usage and personal security.
He became CEO of Apple in August 2011, briefly before the death of previous CEO and co-founder Steve Jobs.
It is learned that one of the well-known shareholder advisors urged investors to revolt by voting against his huge overall package. This means he needs to now defend the huge sum of earnings.
Institutional Shareholder Services currently is equipped with about 3,400 clients from across the world that includes some biggest institutional investors. A letter released for the clients stated significant concern over the pay package of Cook. About one-third of its client base voted against the pay. However, it was not an ample strength that can lead to the blockage of the pay.
Cook's base salary increased by 51 percent to $1.4 million and his compensation was $4.17 million. His stock awards in 2011 were worth about $378 million.
Apple's CFO was paid $1.4 million in 2021 and his pay package was $68.6 million which was mostly influenced by the stock awards. Lately, stocks of the company are losing value and this has inflamed the issue of remuneration. First time in one decade or saw a dip in the profit has been witnessed. Cook said even he is not liking the drop.
One of the reasons for a drop in the stock value is issues with the supply chains. The same problem is being faced by other tech giants including Tesla. There has been a huge shortage of microchips across the world.