Apple filed documents today with the U.S. Securities and Exchange Commission to announce the next annual shareholder meeting held at the company’s headquarters on Feb. 27, 2013.
The proxy statement revealed CEO Tim Cook’s compensation in 2012 equaled less than $4.2 million, but it also detailed six proposals shareholders would vote on at the meeting. The notable proposals include the election of the company’s board and whether Apple should have a “Board Committee on Human Rights”.
Cook’s 2012 compensation included $1.36 million in salary with no stock awards and a $2.8 million incentive plan, where as his 2011 compensation totaled $378 million. However, last year’s mammoth figure included $376.2 million in stock awards that he’ll earn over a decade.
As for the board, Apple seeks to re-elect Cook, Chairman Arthur Levinson, and directors Al Gore, William Campbell, Millard Drexler, Robert Iger, Andrea Jung, and Ronald Sugar. Apple’s board decidely recommended in the filing that shareholders vote against a proposal to have a Human Rights committee.
The proposal originated from common stock owner John Harrington, who owns at least $2,000 in market value stock, and he wishes to create a separate board committee on Human Rights that would “review the implications of company policies, above and beyond matters of legal compliance, for the human rights of individuals in the US and worldwide.”
The board said the committee isn’t necessary, because Apple is “committed to the highest standards of social responsibility and human rights wherever we do business.”
As for details on the executives’ salaries, check out the table below from the SEC filing:
- AT&T will only allow FaceTime on iPhone 4S and next-generation iPad (9to5mac.com)
- Photographs of alleged next-generation iPhone motherboard surface (9to5mac.com)
- Sprint drops iPhone price even further and offers a $100 gift card (9to5mac.com)
- iPhone 5 pre-orders to begin Sept. 12, while international sales begin in October (9to5mac.com)
As noted above, the filing details Cook’s compensation for 2012. His base salary for fiscal 2012 increased from $900,000 in 2011 to roughly $1.4 million in cash to reflect his responsibilities for “the overall leadership of the Company.”
Cook also participates in the same performance-based bonus program as the other executive officers, and so he has the same target and maximum bonus opportunities of 100 percent and 200 percent, respectively, of his base salary. The bonuses for each executive, of course, chiefly depend on the company meeting set performance goals.
Source: SEC Filing