Apple pay resolution nears crunch time
Pensions & Investment Research Consultants (Pirc) are said to be advising Apple shareholders to reject a resolution on its executive pay set for this Tuesday.
According to The Observer, Pirc is advising investors to vote against the resolution on the basis that bonus targets may not have been challenging enough. It also recommends shareholders vote against the reappointment of a number of non-executive directors including Al Gore.
The level of pay being made to Apple executives led to concerns being voiced at pay think tank, High Pay Centre.
Stefan Stern, director of the High Pay Centre said: “Awarding CEOs with lots of shares can create perverse incentives and may engineer short term rises in the share prices. We will look to the vote with interest.”
Apple CEO Tim Cook bagged a $8.7m pay packet in 2016, down from $10.3m in 2015.
Apple’s shares, however, have rocketed upwards some 42 per cent over the last 12 months, making up lost ground from the summer months of 2015 and 2016 when the iPhone maker lost a third of its value.
In April, Apple will move to its new “Apple Park” donut shaped headquarters in Cupertino, California, which is anticipated to be completed this year.