Apple today filed a proxy statement notifying shareholders of its 2023 Annual Meeting, set to be held virtually on March 10, 2023, at 9am PT.
“There is a lot more to say about Apple’s year, and in that spirit, I’d like to invite you to join our 2023 Annual Meeting of Shareholders on Friday, March 10th. I hope you’ll join us,” said Cook.
Also in the filing were 2023 compensation changes, as determined by the Compensation Committee, which “evaluates and makes compensation decisions prior to the start of each fiscal year.”
The 2022 Say on Pay advisory vote “led to broader shareholder engagement on executive compensation in 2022 of approximately 53% of institutional shares held.”
The filing explains, “the Compensation Committee balanced shareholder feedback, Apple’s exceptional performance, and a recommendation from Mr. Cook to adjust his compensation in light of the feedback received.”
One of the changes was to Cook’s annual pay, which he supported, a cut of over 40% compared to 2022, down to $49 million.
“Taking into consideration Apple’s comparative size, scope, and performance, the Compensation Committee also intends to position Mr. Cook’s annual target compensation between the 80th and 90th percentiles relative to our primary peer group for future years,” said the filing.
“The percentage of performance-based RSUs granted to Mr. Cook was increased from 50% to 75% of his 2023 target equity award and the percentage of his performance-based RSUs will be at least 75% of his target equity awards for future years,” it added.
Cook’s pay in 2022 was $99.4 million, up from the $98.7 million he received in 2021. Based on today’s changes, Cook’s pay will be more dependent on Apple’s stock performance. As of writing, Apple shares are trading at $133.41 USD per share, down 22.5% in the past year.
Apple’s Q1 2023 earnings call is set to take place on February 2, 2023, at 2pm PT.
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So Cook was “earning” a $130,000,000 CDN – dear God that is a lot of money per annum.
I wonder if he will even notice the difference of the cut.
That’s the thing, when you’re earning 130 million per year, a 50% will mean nothing changes in his life. Keep the nice house(s), check, any toys like boats and planes, check. There’s almost nothing 130 million will buy you that 65 million won’t
I’m reminded of Warren Buffet talking about some billionaires who were unwilling to give up any of their billions to charity. Even when they die. I forget exactly what he said but what stood out was “maybe I need to write a book on how to survive with only $500,000,000.” So, I’m sure Tim Cook will be fine.
There’s almost nothing 130 million will buy you that 65 million won’t
——-
If that isn’t the definition of the “one percenter’s club” I don’t know what is.
What I have difficulty with is how does a person in this tax bracket have any grasp of reality of what “Joe Average” can afford on a daily phone.
I could be wrong but Buffet sounds like an anomaly for the billionaire’s club in sense that he seems to still have some grasp of reality. I recall a few years back he publicly stated the wealthy do not pay their fair share to the government coffers and that his secretary paid more income taxes than he did.
To be clear here, I have no disdain towards the wealthy and more power to them if they excel in their fields of expertise but $130,000,000 is just off the charts excessive.