Apple boss Tim Cook faces investor concern over £73m pay

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A shareholder group says it has “significant concerns” over the size of Tim Cook’s pay package.

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.

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