Apple CEO Tim Cook greets as he opens the door of the newly renovated Apple Store on Fifth Avenue on September 20, 2019 in New York City. (Photo by Kena Betancur / AFP) (Photo credit should read KENA BETANCUR / AFP via Getty Images)
KENA BETANCUR | AFP | fake images
Apple shareholders voted Tuesday to approve compensation for Apple executives, including a stock package announced last year that could provide CEO Tim Cook with 1 million new shares, if the company reaches certain targets.
The vote was consultative and non-binding. Apple shareholders also rejected a shareholder proposal opposed by Apple that would force the company to cut executive pay compared to the median salary of Apple employees.
The votes, which were expected, are another sign that Apple shareholders are satisfied with Apple’s management and CEO. Apple, valued at more than $ 2.1 trillion, recently reported a quarter with $ 114.4 billion in revenue and sales growth across all product categories, even during a pandemic year.
Apple’s board strongly supported Cook’s salary package in a presentation, citing an 867% return to shareholders, including dividends, from taking over as Apple’s CEO in 2011 through September 2020.
Cook also said that Apple planned to increase the company’s dividends. Dividends totaled more than $ 14 billion in the last four quarters, Cook said. The company paid a dividend of $ 0.205 per share in the last two quarters.
Covid-19 and Apple’s success as a company during a pandemic year was the main topic of Cook’s statements to shareholders. Last year, Cook said the pandemic was the most challenging environment Apple has ever faced.
“A year later, you have to pause and say wow!” Cook said.
Cook said in a question and answer session that while Apple had adapted well to remote work (Apple employees have been working from home since March), the company still “can’t wait until we can meet again at the office. “suggesting that Apple will remain office-centric after the pandemic, compared to rival tech companies that have announced plans to switch to a remote work model.
Cook said that one of the advantages of working from an office was the haphazard interactions between employees.
Cook also spoke about Apple’s acquisition strategy. Cook said that Apple has acquired 100 companies in the last 6 years. Ultimately, Apple acquires a company every 3-4 weeks, Cook said, primarily with the goal of acquiring technology and talent.
In response to a question from shareholders about whether Apple faces regulatory challenges around its control of the iPhone App Store, Cook said Apple does not have a monopoly. “While scrutiny is always fair, allegations like these crumble on a reasonable examination of the facts,” Cook said.