Apple: ISS urges Apple shareholders to vote for CEO Tim Cook and reward other executives

The consulting firm Institutional Shareholder Services (ISS) called for Apple Inc.investors will vote on director candidates and executive compensation packages, including the chief executive officer. Tim Cook.

apple March 10 will hold an annual meeting of shareholders.

The ISS position, published in a research note on Friday, comes after iphone The manufacturer has cut Cook’s compensation for 2023 by more than 40% to $49 million. Cook’s salary will also depend more on how well the company’s stock performs relative to its peers in the market, according to documents from the company’s regulators.

“Continuous monitoring of the payroll program is essential to ensure that pay levels are supported by the company’s sustained high performance,” ISS said in a note.

The proxy advisory firm also encouraged investors to vote on the proposals, including a resolution requiring a report on the average gender and racial pay gap, as well as an amendment to proxy access, which was opposed by the company’s management.

Support for a proposal to request a report on the average gender and racial pay gap is warranted as it will allow investors to compare and measure progress in the company’s diversity and inclusion initiatives and evaluate how it manages related risks, the ISS said.

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The proposed proxy amendment would expand the company’s existing shareholder rights while maintaining the safeguards of the nomination process, the note said. According to corporate governance experts, it is common for shareholder proposals supported by more than 25% of the votes cast to prompt the board of directors to make changes.

During last year’s annual meeting, Apple’s shareholders voted against a proposal requiring the company to report gender and racial pay disparities, with 66.4% of the vote cast against it.

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