At today’s annual (and virtual) shareholders meeting, Apple investors reelected the company’s Board of Directors, approved its compensation plan, opposed the shareholder proposals that the company opposed, and gave Tim Cook a pay cut, reports Bloomberg.
Bloomberg says that a preliminary tally of the votes showed that the four measures Apple supported, including its board slate and compensation, were approved Friday. The five shareholder measures that it asked investors to reject failed to gain enough votes to pass.
Re-elected to the Board of Directors were Arthur Levison, James Bell, Cook, Albert Gore Jr., Alex Gorky, Andrea Jung, Monica Lozano, Ronald Sugar, and Susan Wagner.
Apple said in January that Cook’s pay package for 2023 would decline more than 40%, going from over $99 million in 2022 to a target of $49 million this year. The CEO’s pay will also be more closely tied to overall company performance.
Last month As You Sow — a shareholder advocacy nonprofit — has released its 9th annual report — “The 100 Most Overpaid CEOs: Are Fund Managers Asleep at the Wheel?” — which focuses on how pension and financial fund managers hold companies accountable for excessive compensation. Apple’s Tim Cook ranks 10th on the list.
The list isn’t determined just by salary. It compares a CEO’s salary with shareholder returns. And since Apple is, arguably, the most profitable company in the world, it’s easy to argue that Cook shouldn’t be on the list.