Yesterday, on March 4th, Apple held its annual shareholder meeting on virtual mode. Shareholders voted in support of CEO Tim Cook’s $99 million pay package and the proposals supporting audits of the company’s civil-rights impact. They demanded that a detailed report be made public on concealment clauses in employment agreements.
The Cupertino-based giant’s Board of Directors was against both of these decisions. This is an unusual event where the shareholders didn’t support the board. Investors also reelected the company’s board as expected.
The board commented, “We believe our current framework for the implementation and oversight of our human rights commitments is more effective than the broad and unfocused audit requested by the proposal.” Chief Executive Officer Tim Cook added, “Civil rights is something we care deeply about and always have.”
At the Apple Shareholder Meeting, the shareholders also voted in support of Tim Cook’s $99 million executive pay package instead of the board. Last year, Cook received total compensation of $98 million from the company, including stock over $82 million and $12 million under the non-equity incentive plan.
Apple CEO Tim Cook has proved to be very effective in his continued tenure. The company’s share price has increased by more than 1,100% since he was appointed CEO. Apple’s stock has risen around 34% in the last year.
This week on Wednesday, Apple officially announced the first Apple event of this year named “Peek Performance,” which will be held next week on March 8. It is expected that Apple will launch iPhone SE 3, iPad Air 5, an entry-level 13-inch MacBook Pro, and a redesigned iMac Pro in next week’s keynote.