ZINGER KEY POINTS
- Apple fundamentals took a hit in the wake of supply-chain constraints, production disruptions and a demand slowdown.
- CEO Tim Cook's targeted compensation for 2023 was shaved by over 40%.
Ahead of Apple, Inc.’s March 10 annual shareholder meeting, the tech giant seems to have found favor with the biggest proxy advisory.
Proxy advisory firm Institutional Shareholder Services has recommended that Apple shareholders vote in favor of the compensation packages of CEO Tim Cook and other company executives, Reuters reported, citing a research report from the firm released on Friday.
The firm has also reportedly sought support for Apple’s director nominees.
A proxy statement filed by Apple in mid-January showed that Cook’s target total compensation would be $49 million, a reduction of over 40% from the 2022 targeted compensation. In another change, the percentage of performance-based restricted stock units granted to him was increased from 50% to 75%.
"Continued monitoring of the pay program is warranted to ensure that pay magnitude is supported by a continued strong performance by the company," ISS reportedly said in the note.
The firm, however, seconded proposals calling for a report on median gender and racial pay gaps and an amendment of proxy access rights, the report said. These two proposals were opposed by Apple’s management.
Apple closed Friday’s session at $152.55, down 0.75%.