Apple Investors Back Board, Reject Measures Company Opposed
Apple Inc. investors reelected its board, approved its compensation plan and rejected the shareholder proposals that the company opposed, giving the iPhone maker a clean sweep during its annual meeting.
A preliminary tally of the votes showed that the four measures Apple supported, including its board slate and compensation, were approved Friday. The five shareholder measures that it asked investors to reject failed to gain enough votes to pass.
The company had sought to stave off investor concerns about compensation in the run-up to the shareholder meeting. Apple said in January that Cook's pay package for 2023 would decline more than 40%, going from over $99 million in 2022 to a target of $49 million this year. The CEO's pay will also be more closely tied to overall company performance. The reduction came after institutional shareholders and advisers criticized his compensation.
Cook's pay for 2023 will include a $3 million base salary, a $6 million cash bonus and stock awards worth about $40 million. Apple's other top executives, which include the chief operating officer, finance chief, general counsel and head of retail, will each receive compensation of about $27 million apiece this year. Shareholders also approved a proposal to vote on compensation annually.
A “civil rights” measure sought to commission a company audit on Apple's impact in that area, including its inclusion and diversity efforts. Last year, shareholders defied Apple's recommendation and voted for another civil rights proposal. Apple advised shareholders to vote against the measure this year, arguing that the audit from last year was already in progress.
A measure also sought to make Apple report annually on its reliance on China, which a shareholder
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