INSUBCONTINENT EXCLUSIVE:
Tim Cook's 2021 package included new equity awards that could provide him with 1 million shares by 2025.Apple Inc
investors should vote against the $99 million pay package awarded last year to Chief Executive Officer Tim Cook, a shareholder adviser firm
recommends.Half of Cook's 2021 award is time-based and doesn't depend on satisfying performance criteria such as increases in Apple's
share price, Rockville, Maryland-based Institutional Shareholder Services said in a report
Moreover, even if Cook, 61, were to retire, the award would continue to vest, ISS said in urging shareholders to oppose the pay package at
corporate executive's pay is often in the form of stock or options, and often comes with restrictions or performance criteria designed to
give incentives to remain at the company
Last year, Cook received stock awards valued at $82 million at the time, as well as a $12 million cash bonus, a $3 million salary and other
compensation.It was the first pay package that Cook received after collecting a $750 million moonshot award that Apple gave him after taking
over from Steve Jobs 10 years ago
Cook defied some critics who anticipated that Apple's star would fade in the post-Jobs era
Since 2011, Apple's total shareholder return has exceeded 1,000%, raising the company's market value to $2.8 trillion.Apple disclosed
how much it paid Cook in a filing last month and will now put the compensation to a non-binding vote
Cook a pay package for 2022
been supportive of Cook and other executives' pay in the past
At the 2021 annual meeting, 95% of votes cast backed its executive compensation program.The Financial Times reported on ISS's
recommendation earlier Wednesday.
