Investors are being urged to vote against a
$99m (£73m) pay package awarded to Apple
boss Tim Cook last year.
Institutional Shareholder Services (ISS) said it
has "significant concerns" over the size of the
award, up from $14.8m the year before.
Mr Cook, whose net worth is reportedly more
than £1bn, received the pay in shares, salary,
and for other costs.
The BBC has contacted Apple for comment.
In a letter to shareholders, the ISS said there
are "significant concerns" over the "design and
magnitude" of the package. "Half of the award
lacks performance criteria," ISS said.
Mr Cook, 61, who has often spoken publicly
about his concerns over equality and human
rights issues, said in 2015 that he would give
away his entire fortune before he dies.
According to ISS, Mr Cook's pay was 1,447
times more than the wage of an average
Apple employee.
His package included $630,600 in personal
security costs and $712,500 for personal use
of a private jet. ISS said the cost of such
perks "significantly exceeded" comparable
companies last year.
Last year, a US Securities and Exchange
Commission (SEC) filing showed that Mr
Cook donated almost £7.4m worth of Apple
shares to charity, without naming the
recipient.
The company behind the iPhone, iPad and
MacBook became the first company to hit a
$3tn (£2.2tn) stock market value in January
before dipping to its current value of $2.8tn
(£2.1tn).
Shareholder returns are now more than
1,000% since Mr Cook took over in 2011.
Apple is due to hold its annual meeting for
shareholders in the first week of March.
However, shareholder votes are only advisory,
while Apple's board decide on pay packages.
At last year's meeting, 95% of shareholder
votes supported Apple's executive
compensation programme.
Growing opposition
Companies in the US, and UK, are facing
stronger shareholder opposition over pay and
compensation.
General Electric, IBM and Starbucks failed to
win a majority of shareholder backing for
executive pay in 2021. US oil firms
ExxonMobil and Chevron also saw
shareholder revolts from climate activists last
year.
Asset manager Blackrock, Exxon's second
largest shareholder, doubled its votes against
executive pay proposals in the Americas in
early 2021, compared to 2020.
In the UK, more than twice as many FTSE 100
companies faced shareholder revolts than in
2020, condemning executive pay-outs when
many employees faced added financial
hardships in the pandemic.
President Joe Biden and congressional
Democrats have called for higher taxes on the
billionaires and big business to help pay for a
major social spending package. The proposal
would raise about $16bn by limiting
deductions for executive compensation.
The tax hike plan would pay for federally
funded paid family leave, expanded education
budgets and climate change problems.

Source: https://www.bbc.com/news/business-60403548

Wolves of 'apple wallstreet'

I actually think he deserves the pay, he took a company valued at $340 Billion back in 2011 to a company with a valuation of $3 Trillion in just a decade, he's obviously good at his job and has continued to make investors and shareholders impressive dividends.

Then again, the criticisms are reasonable, regular workers don't really get salary increases, some endure terrible working conditions especially in sweatshop factories despite their contributions to the company's growth.