Apple CEO, Tim Cook dinner waves as he opens the door of the newly renovated Apple Retailer at Fifth Avenue on September 20, 2019 in New York Metropolis. (Picture by Kena Betancur / AFP) (Picture credit score ought to learn KENA BETANCUR/AFP through Getty Photos)
KENA BETANCUR | AFP | Getty Photos
Apple shareholders on Tuesday voted to approve compensation for Apple executives, together with an fairness package deal introduced final 12 months that would web CEO Tim Cook dinner 1 million new shares, if the corporate hits sure objectives.
The vote was non-binding and advisory. Apple shareholders additionally voted down a shareholder proposal opposed by Apple that might compel the corporate to cut back government pay in comparison with median Apple worker pay.
The votes, which had been anticipated, are one other signal that Apple’s shareholders are glad with Apple’s administration and CEO. Apple, valued at over $2.1 trillion, not too long ago reported 1 / 4 with $114.4 billion in income and gross sales development in each product class, even throughout a pandemic 12 months.
Apple’s board strongly supported Cook dinner’s pay package deal in a submitting, citing a 867% return to shareholders, together with dividends, from when he took over as Apple CEO in 2011 by means of September 2020.
Cook dinner additionally mentioned that Apple deliberate to extend the corporate’s dividend. Dividends totaled over $14 billion within the final 4 quarters, Cook dinner mentioned. The corporate paid a dividend of $0.205 per share within the final two quarters.
Covid-19 and Apple’s success as a enterprise throughout a pandemic 12 months was main theme of Cook dinner’s remarks to shareholders. Final 12 months, Cook dinner mentioned the pandemic was probably the most difficult atmosphere Apple’s ever confronted.
“A 12 months later, you need to pause, and say wow,” Cook dinner mentioned.
Cook dinner mentioned in a query and reply session that whereas Apple had tailored properly to distant work — Apple workers have been working from dwelling since March — that the corporate nonetheless “cannot wait till we will collect collectively within the workplace once more,” suggesting that Apple will nonetheless be office-focused after the pandemic, compared to rival tech corporations which have introduced plans to shift to a remote-work mannequin.
Cook dinner mentioned that one benefit of working from an workplace was serendipitous interactions between workers.
Cook dinner additionally talked about Apple’s acquisitions technique. Cook dinner mentioned that Apple has acquired 100 corporations over the past 6 years. Finally, Apple acquires an organization each 3 to 4 weeks, Cook dinner mentioned, largely aimed toward buying expertise and expertise.
In response to a shareholder query about whether or not Apple faces regulatory challenges round its management of the iPhone App Retailer, Cook dinner mentioned that Apple would not have a monopoly. “Whereas scrutiny is all the time truthful, accusations like these crumble on an affordable examination of the info,” Cook dinner mentioned.