Ahead of Apple’s 2022 shareholders meeting on Friday, March 4, Norway’s oil fund has declared that it will vote against CEO Tim Cook’s $99 million compensation for 2022. Norway’s oil fund is the largest sovereign wealth fund with an estimated $1.3 trillion value.
Norway’s oil fund plans to vote against Apple on Tim Cook’s compensation, transparency, and more
According to the latest report by Financial Times, the oil fund said it will vote against Tim Cook’s salary and bonuses worth $99 million at the March 4, annual shareholders meeting. The group argues that the annual pay should be provided in form of shares received over a five to ten years period.
The fund said that a substantial part of annual pay should be provided in shares, which should be locked in for five to ten years, reports the Financial Times. It also says the board “should provide transparency on total remuneration to avoid unacceptable outcomes.
Earlier, the Institutional Shareholders Services (ISS) said that Tim Cook’s expected stocks award worth $99 million “is a significant concern” for the group along with 1 million shares worth $114 million awarded to the CEO in 2020. According to Financial Times, Apple’s board is not compelled to take action on the group’s negative recommendation and if Cook’s compensation is justified by his performance, he is likely to earn the aforementioned bonus.
The structure of this award is better aligned with the performance-based and time-based RSUs awarded to our other named executive officers, while the amount recognizes his exceptional leadership and is commensurate with the size, performance, and profitability Apple has achieved during his tenure.