Appeal to investors to vote against Apple CEO Tim Cook’s huge salary

Proxy advisory firm ‘Institutional Shareholder Services’ (ISS) has requested Apple Inc investors to vote against the remuneration of Chief Executive Officer ‘Tim Cook’. In this, concerns regarding Tim’s equity award and structure were cited. Apple will hold its annual shareholder meeting in the first week of March. ISS said in the letter on Wednesday that ‘there are several concerns about the design of the equity award given to CEO Cook in fiscal year 2011. Half the awards lack performance criteria.

According to Reuters, Tim Cook took a salary of $ 3 million (about Rs 20 crore) in the year 2021. Additionally, he was given $82.3 million (approximately Rs 620 crore) in stock awards and $12 million (approximately Rs 90 crore) for achieving Apple’s targets. Along with this, money was given for many other items. Overall, he earned $98.7 million (about Rs 740 crore) in the year 2021, while the year before he had earned $14.8 million (about Rs 110 crore).

He received 333,987 restricted stock units in stock grants since 2011 as part of a long-term equity plan. He will get more units in the year 2023. ISS has valued Tim Cook’s equity award for the year 2021 at $75 million (approximately Rs 560 crore). According to a filing, his salary was 1,447 times that of the company’s average employee. Apple refused to comment on this matter.

Talking about some other problems of Apple, a lawsuit in America has claimed that every Apple Watch model made till now has an “unsafe defect”. This claim is made especially in light of the fact that the Apple Watch does not have the internal space to accommodate a swollen battery. The complaint filed in a federal court in California claims the Apple Watch poses an “unknown and unreasonably dangerous security risk.” The case has the name of every model from Apple Watch to Apple Watch Series 6. According to media reports, this proposed class-action lawsuit has been filed by four Apple Watch customers. The complaint also includes a photo of a deep slash on a customer’s arm. The claim is that all this allegedly happened when the user’s Series 3 Apple Watch screen became separated.