Apple CEO Tim Cook faces outcry over €88 million pay package

Apple investors are being urged to vote against a $99m (€88m) pay package awarded to the company’s boss Tim Cook last year.

Institutional Shareholder Services (ISS) – a powerful investors’ advisory group – said it has “significant concerns” over the size of Mr Cook’s remuneration, up from $14.8m (€13m) the previous year.

Mr Cook, whose net worth is reported to be more than €1 billion, received his pay in shares, salary, and for other costs.

In a letter to Apple 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.

According to ISS, Mr Cook’s pay was 1,447 times more than the wage of an average Apple worker.

Last year, his package included $630,600 (€554,446) in personal security costs and $712,500 (€626,455) for personal use of a private jet. ISS said the cost of such perks “significantly exceeded” similar companies last year.

Shareholder returns are now more than 1,000 per cent since Mr Cook took over in 2011.

Apple has been one of the big winners of the pandemic. Its share price soared as COVID-19 pushed workers online.

In January, it briefly became the first company to be valued at $3tn, it became the first $1tn company in 2018.

Mr Cook, 61, who has often spoken publicly about his concerns over equality and human rights issues, said back in 2015 that he would give away his entire fortune before he dies.

Last year, a US Securities and Exchange Commission (SEC) filing showed that Mr Cook donated almost €8.8m worth of Apple shares to unnamed charities.

The vote against Mr Cook’s pay package – which would take place at Apple’s annual meeting for shareholders in the first week of March – would be advisory only and the company’s board would not be compelled to act on it.