Here’s something unexpected: There’s a group of Apple shareholders who think Apple CEO Tim Cook is making too much money. Apple Insider says Institutional Shareholder Services (ISS), an Apple investor advisory group, is urging its clients “to vote against Cook's pay and bonuses package.” That vote’s scheduled for Apple’s annual shareholders meeting on Friday 4 March.
“In a letter seen by The Financial Times,” the piece says, “ISS said there was a ‘significant concern’ with the stock award given to Cook in 2021 — the CEO's first since 2011.” Throughout 2021, says Apple Insider:
…Cook was awarded stock worth $82 million. The executive's pay package also includes $630,630 in personal security costs and $712,488 for a private jet. ISS says the amount "significantly exceed" awards given by comparable companies.
I’m curious what metrics they’re using in determining “comparable companies.”
Not surprisingly, Apple’s Board of Directors is all for Cook’s compensation. It’s recommended that shareholders approve the deal. “Shareholders generally follow the board's recommendation,” according to Apple Insider. At a guess, that’s because they like the money they’re making off of Apple shares. The way Apple Insider sees it, the ISS letter is “mostly performative…”