investors approve Tim Cook’s $50 million pay cut, more
Apple today held its previously scheduled annual shareholder meeting, which apparently went off without any drama. As recapped by Bloomberg, Apple investors “reelected its board, approved its compensation plan and opposed the shareholder proposals that the company opposed.” This effectively gives Apple a “clean sweep.”
Today’s shareholder meeting was held virtually, and Bloomberg says Apple executives appeared as Memojis during the meeting. Shareholders who submitted proposals “spoke via prerecorded messages.” Apple also showcased a handful of videos highlighting its current lineup of products.
Among the measures that failed to win investor approval was one that called on Apple to “report annually on its reliance on China.” Apple pushed back against the proposal and reiterated its commitment to human rights.
Other failed proposals, as recapped by Bloomberg:
A “civil rights” measure sought to commission a company audit on Apple’s impact in that area, including its inclusion and diversity efforts. Last year, shareholders defied Apple’s recommendation and voted for another civil rights proposal. Apple advised shareholders to vote against the measure this year, arguing that the audit from last year was already in progress.
The other rejected proposals included one about board director engagement with shareholders, the reporting of racial and gender pay gaps at the company, and a bylaw amendment that would call for more shareholder representation on the board.
Investors approved four proposals that Apple itself also supported, including Tim Cook’s pay cut that was previously announced. Investors also voted in favor of re-electing Apple’s entire board of directors, despite a failed proposal to oust Al Gore and Cook from the board.
Mr. Cook’s 2023 target total compensation is $49 million, a reduction of over 40% from his 2022 target total compensation. Taking into consideration Apple’s comparative size, scope, and performance, the Compensation Committee also intends to position Mr. Cook’s annual target compensation between the 80th and 90th percentiles relative to our primary peer group for future years.
Elsewhere during the meeting, Tim Cook called climate change “one of the most urgent issues of our time.” As recapped by Patrick McGee on Twittermost of the questions from investors were unsurprisingly disappointing.
- Cook reiterated Apple’s plans to bring Apple Stores to India.
- Cook touted Apple’s “thriving app developer community” in India, which has created nearly 100,000 apps.
- Cook touted Apple’s continued increase in dividend payouts.
- Cook said the iPhone cameras “put a whole Hollywood crew in your pocket.”
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