According to a new Securities and Exchange Commission filing, Apple CEO Tim Cook donated over 6,000 shares of AAPL to an undisclosed charity last week. Those shares, based on the closing price of Apple stock on that day, are valued at nearly $2 million.
Apple also shared its 2019 proxy filing with the SEC revealing executive compensation, spending on private air travel, security, Apple’s median salary, the 2020 shareholder meeting date, and more.
Update 1/3: Apple has filed its annual proxy statement with the SEC detailing executive compensation, how much Apple spent on security and private air travel for CEO Tim Cook, the date for its next shareholder’s meeting and how to register, and much more.
For 2019, Mr. Cook’s annual base salary was $3 million, and the annual base salary for each of our other named executive officers was $1 million. The 2019 salary for Ms. O’Brien reflects the portions earned both before and after the date she was promoted to her current role. The 2019 salary for Ms. Ahrendts reflects the portion earned through the date of her departure from Apple. Because 2017 was a 53-week fiscal year, the 2017 salary amounts reflect an extra week of pay.
However, with stock awards and non-equity incentive plan compensation, Cook’s 2019 total earnings were a bit over $125,000,000.
In 2018, Apple spent a little over $310,000 on security for Cook while private air travel cost $294,000. In 2019 that grew to $457,083 for security and $315,311 for air travel.
As noted by CNBC’s Kif Leswing, Apple’s median salary went up from $55,426 to $57,596 last year. You can see the full proxy filing on the SEC’s website.
Median Apple salary (which includes retail) is up to $57,596 from $55,426 last year.
Tim Cook makes 201 times what the median Apple employee makes, according to the way the proxy handles RSU grants.
— kif (@kifleswing) January 3, 2020
Apple also disclosed the 2020 shareholder meeting will be on February 26th at Steve Jobs Theater. Registration opens on February 4th.
We are pleased to welcome shareholders to Steve Jobs Theater at Apple Park for the 2020 Annual Meeting. To accommodate as many attendees as possible, we have established a registration process. Shareholders will need to register in advance at proxyvote.com beginning at 8:00 a.m. Pacific Time on February 4, 2020. Registration will be on a first-come, first-served basis. Only shareholders as of the Record Date who have registered in advance and have a valid confirmation of registration will be admitted to the meeting. Please note that due to space constraints and security concerns, we will not be able to provide access to the Annual Meeting or the Apple campus to any shareholders who have not registered in advance.
According to the SEC filling, Cook gifted 6,880 shares of AAPL stock to charity on December 27, 2019. At the time of trading those shares would have been worth $1.99 million. With Apple’s end of year surge on the stock market, that same number of shares is now worth $2.06 million.
Corporate leaders are not required to publicly report the recipient of charitable donations, but rather only have to disclose the act of the transfer. Thus, we don’t know the specific charity to which Cook donated the $2 million.
Cook has made personal donations to several different charities in the past. In 2014, he donated to an LGBT equality campaign. He regularly makes similar AAPL stock donations to undisclosed charities, as well. As a company, Apple donates to things like disaster relief efforts, PRODUCT(RED), and more.
Cook currently controls 847,969 shares of AAPL, worth over $254 million. In a 2015 interview, Cook said he plans to give away all of his wealth through a “systematic approach” to giving. At the time, he said he had started donating money “quietly,” but did not reveal details.
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