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

Proxy advisory firm Institutional Shareholder Services (ISS) has urged investors of Apple Inc to vote against the remuneration of Chief Executive Officer Tim Cook. It cited concerns about Tim’s equity award and the structure. Apple will hold its annual shareholder meeting in the first week of March. The ISS said in the letter on Wednesday that “there are several concerns regarding the design of the equity award given to CEO Cook in FY 2011”. Half of the awards are lacking in performance criteria.

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

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

Talk about some of Apple’s troubles, a lawsuit in the US has claimed that every Apple Watch model ever made has an “unsafe defect”. This claim is specifically made with the fact that the Apple Watch lacks internal space to accommodate the bloated battery. The complaint, filed in a federal court in California, claims that the Apple Watch poses an “unknown and unreasonably dangerous security threat.” The case bears 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 customers of Apple Watch. The complaint also included a photo of a deep slash on the arm of a customer. The claim is that all this allegedly happened when the user’s Series 3 Apple Watch screen, detached.

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