One of Norway’s oil funds has said that it would vote against a proposed $99 million remuneration package for Apple CEO Tim Cook and other recommendations at the company’s annual shareholder meeting, which will be held on September 19.
On Friday, March 4, Apple will host a virtual annual shareholder meeting where shareholders may vote on a variety of proposals. One group has already said how it wants to vote ahead of time.
One of the biggest sovereign wealth funds in the world, Norway’s oil fund, said on Sunday that it would vote against Apple’s compensation policy. One vote would provide Tim Cool a $99 million salary and incentive package, according to the information made public.
According to the Financial Times, the fund recommended that a significant portion of yearly salary be paid out in the form of shares that would be locked in for a period of five to 10 years. To prevent undesired consequences, the board should “give full openness on overall pay.”
Besides voting against Apple on the issue of openness, the group will also vote against it on the issue of forced labour, a civil rights audit, and sustainability reports.
On February 16, Institutional Shareholder Services urged its investors to vote against the pay and incentive package, which the fund followed up on. The 2021 stock award was flagged as a “serious concern” by ISS.
As of the end of 2020, the Norwegian fund held around 1% of Apple’s stock. It isn’t necessary enough to buy a stake in Apple to make a difference, particularly because shareholders often adhere to the recommendations of the company’s Board of Directors. Source