The ISS (Institutional Shareholder Services) expressed significant concerns against the premium received by Tim Cook, Apple’s CEO, up from $14.8 million the previous year.
In total, Cook’s net worth exceeds £1 billion, and the boss has received payment in shares, salary and other costs. In a letter addressed to shareholders, “half of the award lacks performance criteria”, says the ISS.
According to the ISS, Cook’s salary was 1,447 times the salary of the average Apple employee. His package included $630,600 in personal security costs and $712,500 for personal use of a private jet. However, a document from the US Securities and Exchange Commission (SEC) proved that Tim Cook had donated $7.4 million to charity, with an undisclosed recipient.
Opposition beyond Apple
Big companies in the US and UK are facing a shareholder condemnation over salaries and compensation for their leaders.
Other brands such as IBM and Starbucks also failed to gain support for the idea. This is due to a revolt by some investors who saw these salary packages being granted when their employees faced financial difficulties, especially in the pandemic. Joe Biden’s policies also get in the way. The president defended the taxation of billionaires to help social causes.
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