Proxy Advisory Firm Urges Apple Shareholders To Vote Against CEO Tim Cook's $99Mn Pay Package

New Delhi: Institutional Shareholder Services (ISS) has asked the Apple Inc. investors to vote against the $99 million pay package that was awarded last year to Chief Executive Officer Tim Cook.

For this, the ISS has come out with arguments that there are concerns regarding the design and magnitude of the equity award made to CEO Cook i FY21. According to them, half of the awards lack performance criteria.

Reportedly, in FY21, Cook took home $3 million in salary. In addition, he received $82.3 million in stock awards, $12 million for hitting Apple's targets, $1.4 million for air travel, 401 (K) plan, insurance premiums and others.

In total, he made $98.7 million in 2021, compared to with $14.8 million a year earlier.

According to reports, he received 333,987 restricted stock units, in his first stock grant since 2011 as part of a long-term equity plan. He will eligible to receive additional units in 2023.

According to ISS, Cook's 2021 equity awarded at $75 million. Interestingly, his pay was 1,447 times that of the average employee at the tech giant.

"Half of the $75 million award is purely time-based, and the award would continue to vest in full in the event of his retirement," ISS wrote.

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