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Apple shareholders approve CEO Cook’s annual compensation, civil rights proposal -Breaking


© Reuters. Apple’s CEO Tim Cook spoke at the Cupertino headquarters, California. September 10, 2019. REUTERS/Stephen Lam

(Reuters). -Apple Inc shareholders approved Tim Cook, Chief Executive Officer’s annual salary in a video meeting. On Friday they voted in support of a proposal urging Apple (NASDAQ) to supervise a third party civil rights audit (Policies and Practices) of the company.

Investors rejected concerns about Cook’s equity awards and structure, which were raised by Institutional Shareholder Services (ISS) proxy advisory firm. ISS had urged shareholders against Cook’s pay package.

Cook took over as CEO in 2011 and received compensation packages totaling $98.7million. This is 1,447 more than the average salary.

A year before, he had earned $14.8 million.

Cook was granted 333,987 stock units as part of his long-term equity plan in 2021. Cook will also be eligible for additional units in 2023.

Apple claimed in its proxy filing, that Cook’s stock purchase was in line with shareholder interest.

Cook assumed the role of CEO in August 2011, months after Steve Jobs, cofounder and founder of Apple, resigned. Since Cook took over the top position, it has increased by more than 1,100%.

Dieter Waizenegger is the executive director of SOC Investment Group and a supporter of the civil rights resolution. He said that the approval of the resolution would push Apple to address inequality and harm to marginalized communities.

Waizenegger declared that “I believe the patience of investors is over.” Apple needs to make a major move, with a third-party review.

The shareholders voted no to proposals that Apple increase transparency regarding its efforts to safeguard workers from forced labor, and one on gender- and racial pay disparities.

Apple has resisted transparency proposals while ISS has urged shareholders for their support.

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