Shareholder advisory group Institutional Shareholder Services (ISS) is urging Apple shareholders to vote against a planned $99 million compensation package for Apple CEO Tim Cook, reports Financial Times. The group says there is a “significant concern” with the stock Cook was awarded in 2021.
Cook’s compensation last year included stock valued at $82 million, along with a $3 million salary and a $12 million bonus. The stock award was the first incentive package Cook had been granted since his 2011 package was granted in full for his tenure at Apple.
ISS says Cook’s 2021 compensation “significantly exceeded” that which was provided by comparable companies during 2021. This is the first time in seven years that ISS has objected to Apple’s pay packages.
While shareholder votes on compensation packages for executives are advisory, with the board not being bound to take action if there is shareholder backlash over Cook’s compensation, it could sway the company’s board.
In its proxy statement, Apple says that it will “continue to consider shareholder feedback and the results of say-on-pay votes when making future compensation decisions.”
Apple has experienced high levels of success under Cook’s tenure, and in January, the company briefly became the first to hit a $3 trillion valuation.