Apple Inc. reported that its Chief Executive Officer Tim Cook’s compensation increased by 18% in 2024, a month before the annual meeting. The firm further revealed that it opposes a shareholder proposal and that the company’s diversity program must close.
The salary of Tim Cook has risen to $74.6 million (Rs 643 crore) in 2024 from $63.2 million (Rs 544 crore) in 2023, said Apple in its annual proxy filing on Friday.
Time Cook’s pay structure includes a $3 million base salary, $58.1 million in stock awards, and around $13.5 million as additional compensation. This increase is due to the increase in the value of the stock awards.
There has been a huge surge in their pay for Cook from last year. However, it is much less than his total remuneration in 2022, which had grown to almost $100 million because of stock prices.
In 2023, Cook decided to take a pay cut after facing a pushback from stakeholders and employees. The annual meeting will take place on February 25, at which investors will vote on executive compensation and four outside proposals, which the company has opposed.
The company has been weighing its options to abolish the program following Apple’s diversity, equity, and inclusion, or DEI, efforts that fear former discrimination against employees and lawsuits.
Apple has described the proposal as an inappropriate attempt to limit the company’s business operations. They have stated that it already has many regulatory and legal risks.
