Apple CEO Tim Cook greets as he opens the door to the newly renovated Apple Store on Fifth Avenue on September 20, 2019 in New York City. (Photo by Kena Betancur / AFP) (Photo credit should read KENA BETANCUR / AFP via Getty Images)
KENA BETANCUR | AFP | Getty Images
Apple shareholders on Tuesday voted to approve compensation for Apple executives, including a equity package announced last year that could clean up one million new shares of CEO Tim Cook, if the company achieves certain goals.
The vote was non-binding and consultative. Apple shareholders also rejected a shareholder proposal opposed by Apple that would force the company to reduce executive compensation compared to the average compensation of Apple employees.
The votes, which were expected, are one more sign that Apple’s shareholders are pleased with Apple’s management and CEO. Apple, valued at more than $ 2.1 trillion, recently reported a quarter with $ 114.4 billion in revenue and sales growth in all product categories, even during a pandemic year.
Apple’s board strongly supported Cook’s package of payments in a presentation, citing a 867% return on shareholders, including dividends, since he took over as CEO of Apple in 2011 through September 2020.
Cook also said Apple planned to increase the company’s dividend. Dividends amounted to more than $ 14 billion in the last four quarters, Cook said. The company paid a dividend of $ 0.205 per share in the last two quarters.
Covid-19 and Apple’s success as a company during a year of pandemic were the main theme of Cook’s statements to shareholders. Last year, Cook said the pandemic was the most challenging environment Apple has ever faced.
“A year later, you’ll have to pause and say wow,” Cook said.
Cook said in a question and answer session that while Apple had adapted well to remote work (Apple employees have been working from home since March), the company still can’t wait until we can get back to meet in the office, ”suggesting that Apple will continue to be focused on the office after the pandemic, compared to rival tech companies that have announced plans to switch to a remote work model.
Cook said one of the benefits of working from an office was serendipitous interactions between employees.
Cook also talked about Apple’s acquisition strategy. Cook said Apple has acquired 100 companies in the last 6 years. Ultimately, Apple acquires a company every 3 to 4 weeks, Cook said, primarily aimed at acquiring technology and talent.
In response to a question from shareholders about whether Apple faces regulatory challenges over its control of the iPhone App Store, Cook said Apple has no monopoly. “While the examination is always fair, allegations like these unravel in a reasonable examination of the facts,” Cook said.