Before the annual meeting of shareholders, the various companies must submit a proxy circular to the SEC that reflects the earnings of their officers as well as other details. This information is used to assess the method of remuneration of management. and possible conflicts of interest with auditors, and it always contains other interesting details.
A salary of $ 14 million a year is Apple’s scale
Along with the date of the next shareholders’ meeting, Apple gave some details on the compensation of its executives. Tim Cook has always said he makes decisions about the direction of the business with the future in mind. In that sense, this will be the first time Cook will receive long-term compensation since taking office as CEO in 2011.
For the first time since he was promoted to CEO in 2011, Mr. Cook’s compensation in 2021 will include long-term equity compensation. This reward will better align the structure of your time and performance equity incentives with the rewards of our other leaders.
In addition, from 2021 as well, there will be an incentive to achieve environmental, social and governance goals based on Apple’s core values. With that Apple aims to motivate its leaders to meet high standards and the proposed objectives.
Total employee compensation in 2019 was roughly the same as in 2018, at around $ 57,500. As for Tim Cook’s salary, the fixed portion of which is $ 3 million per year, the executive will receive a total of $ 14,769,259 after the compensation plans. A total salary slightly higher than the 11.5 million last year and a little less than the 15.6 million in 2018.
The company also provided data on the performance of several of its divisions and the achievements made in 2020. For example, how the turnover of the services division doubled six months before the set target or how they reached 585 million subscriptions, one of 135 million compared to the previous year. Also the success of the WWDC, which with its online format has been viewed, including its sessions, by more than 22 million people.
In the document, Apple also revealed private security investments for Tim Cook, which amount to $ 470 thousand, as well as the CEO’s air travel expenses, which total $ 342 thousand. These figures are undoubtedly staggering, although in line with those treated by large companies such as Apple, Microsoft, Boing, etc. Figures that have also benefited all shareholders of the company, who this year 2020 received 90,000 million dollars in dividends, a joy for all.
