"There are significant concerns regarding the design and magnitude of the equity award made to CEO Cook in FY21... Half of the award lacks performance criteria," ISS said in a letter.
Cook took home US$3 million in salary in 2021. In addition, he received $82.3 million in stock awards, $12 million for hitting Apple's targets, $1.4 million for air travel, 401 plan, insurance premiums and others.He received 333,987 restricted stock units, in his first stock grant since 2011 as part of a long-term equity plan. He will be eligible to receive additional units in 2023.
ISS valued Cook's 2021 equity award at $75 million. His pay was 1,447 times that of the average employee at the tech giant, according to a filing disclosed in January. "Half of the $75 million award is purely time-based, and the award would continue to vest in full in the event of his retirement," ISS wrote.
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