Apple’s Tim Prepare dinner traveled lots for work in 2020 regardless of COVID, took much less trip


Tim Prepare dinner at Apple Park final yr.


Apple

The coronavirus pandemic considerably disrupted individuals’s lives final yr. It pressured many people to limit our actions, with many individuals working primarily from dwelling. Those that did not needed to take further precautions, carrying masks and typically different further protecting gear as they probably risked their well being in service of their jobs. Regardless of being one of the vital highly effective CEOs on this planet, or maybe due to it, Apple’s Tim Cook appeared to have been on the street lots in 2020.

Included within the tech big’s filing with its stockholders Tuesday forward of its annual shareholder assembly in February, Apple stated Prepare dinner’s air travel bills have been $432,564 final yr. That is up greater than 37% from the $315,311 Apple tallied in 2019, which itself had risen from 2018. 

Although Apple requires that Prepare dinner use a private aircraft for all enterprise and private journey, it is unlikely he did a lot private touring both. Apple paid out $115,385 to him in unused trip time, up 25% from 2019. Prepare dinner’s air journey contains prices for gas, departure and touchdown charges, and hourly flight prices. Apple declined to touch upon how these prices have modified with extra well being measures in response to the pandemic.


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The data about Cook is far from as dramatic as rumors about a new iPhone or potentially even an iCar. But it does give a window into his life. Cook famously guards his privacy, though he has become more outspoken on social issues like LGBTQ rights, immigration and the environment.

Those vacation and travel costs, as well as other items like his $3 million salary, 401(K) contributions, life insurance and $470,246 in security costs, all added up to $14.7 million. That’s up 28% from 2019, and down slightly from from 2018.

All told, Cook’s compensation was about 256 times the median compensation for Apple’s employees.

Compensation for other executives in the filing included $26.3 million for CFO Luca Maestri, $26.2 million for General Counsel Kate Adams, $26.3 million for head of people and retail Deirdre O’Brien, and $26.3 million for COO Jeff Williams. Each had risen from 2019.

“Our executive compensation program is based on clear guiding principles and sound compensation practices that align the compensation of our named executive officers with the interests of our shareholders,” Apple’s board of directors said in a statement in the filing. “It is designed to motivate and reward exceptional performance in a straightforward and effective way, while also recognizing the size, scope, and success of Apple’s business.”

Apple will be holding its annual meeting of shareholders virtually on Feb. 23 at 9 a.m. PT / noon ET. Typically, Apple’s shareholder meeting is held in person at Apple Park without a public audio or video feed, but this year the company appears to be adjusting in response to the pandemic. Whether executives will respond to questions from the public, as they have in previous years while in person, is yet to be seen.

As in previous years, shareholders will vote to elect the company’s board of directors, ratify its public accounting firm Ernst & Young, which was paid $22.2 million for auditing, tax compliance and other fees in 2020. Apple paid the firm $21.3 million in 2019.

Shareholders will also be asked to give an advisory vote on executive compensation, allowing them to indicate to the board whether they’re unhappy with how much executives are paid. In other companies, this can sometimes be seen as a metric of shareholder happiness with executives.

Stock owners will also be able to vote on two proposals offered by their peers, including a push to allow shareholders to nominate two directors, or 20% of the board, rather than the one they can now. The shareholder proposal says that of the 86% of companies that allow nominations, they allow shareholders to nominate either a minimum of two directors or 25% of the board.

The other proposal asks that Apple change its executive compensation program to consider pay ratios and other factors, which effectively could push the board to pay executives less.

Apple’s board recommended shareholders vote against both proposals.



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