Institutional Shareholder Services (ISS) invites Apple shareholders to refuse to give CEO Tim Cook a bonus, which will be valued at USD 99 million.
According to the ISS, they are concerned about the magnitude and structure of Cook's bonuses. The decision to reduce Cook's bonus or not will occur at the annual meeting of shareholders (general meeting of shareholders / GMS) in the first week of March 2022.
"There are some major concerns regarding the design and size of the equity bonus that will be awarded to CEO Cook for the 2021 fiscal year. Half of the bonuses are not based on performance criteria," wrote ISS, which is an investor advisory firm.
For information, Cook gets a salary of USD 3 million during 2021. In addition, he will also get a bonus in the form of shares worth USD 82.3 million, and USD 12 million for successfully meeting Apple's targets, then USD 1.4 million for travel expenses through air, insurance, and so on.
In total he will earn USD 98.7 million, which is many times higher than the salary and bonuses he received in 2020, which was USD 14.8 million.
The biggest bonus comes from limited shares totaling 333,987 shares, the first he has received since becoming Apple's CEO in 2011. He is also scheduled to receive an additional limited share bonus in 2023.
This isn't the first time the ISS has advised Apple shareholders against awarding a bonus to Cook, in 2015 they suggested something similar.
In fact, during Cook's leadership, Apple has achieved various achievements. Like being the first public company whose capitalization exceeded USD 1 trillion in 2018, and even had penetrated USD 3 trillion for a while some time ago.