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Apple shareholders approve Tim Cook stock subsidy; dividend to increase



Apple CEO Tim Cook waves as he opens the door to 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 | Getty Images

Apple’s shareholders voted Tuesday to approve compensation for Apple executives, including a share package announced last year that could net CEO Tim Cook 1

million new shares, if the company reaches certain targets.

The vote was non-binding and advisory. Apple shareholders also voted down a shareholder proposal opposed by Apple that would force the company to reduce executive pay compared to the median Apple salary.

The votes, which were expected, are another sign that Apple’s shareholders are happy with Apple’s management and CEO. Apple, valued at over $ 2.1 trillion, recently reported a quarter with $ 114.4 billion in revenue and sales growth in all product categories, even during a pandemic year.

Apple’s board strongly supported Cook’s salary package in an archive, citing a 867% return to shareholders, including dividends, from taking over as Apple’s CEO in 2011 to September 2020.

Cook also said that Apple planned to increase the company’s dividend. The dividend was over $ 14 billion in the last four quarters, Cook said. The company paid a dividend of $ 0.205 per share over the past two quarters.

Covid-19 and Apple’s success as a company during a pandemic year was the main topic of Cook’s comments to shareholders. Last year, Cook said the pandemic was the most challenging environment Apple has ever faced.

“A year later you have to take a break and say wow,” Cook said.

Cook said in a response that while Apple had adapted to good telework – Apple employees have been working from home since March – the company still “can not wait until we can gather in the office again,” suggesting that Apple will still be office-focused after the pandemic, compared to competing technology companies that have announced plans to switch to an external work model.

Cook said an advantage of working from an office was a violent interaction between employees.

Cook also talked about Apple’s acquisition strategy. Cook said that Apple has acquired 100 companies in the last 6 years. Finally, Apple buys a company every 3 to 4 weeks, Cook said, mainly aimed at acquiring technology and talent.

In response to a shareholder question about whether Apple faces regulatory challenges over its control of the iPhone App Store, Cook said Apple has no monopoly. “While control is always fair, accusations like these fall apart on a reasonable examination of the facts,” Cook said.


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