AAPL proxy statement tidbits: Executive pay for 2020, shareholder meeting, costs of flying private, more

Apple today published its annual meeting of shareholders notice and proxy statement. Filed with the SEC, the document confirms that Apple will hold its annual meeting of shareholders on February 23. The meeting, which is usually held at Steve Jobs Theater, will be held completely virtually this year.

Updated with more tidbits at the bottom.

Apple says that the annual meeting of shareholders will be virtual this year to “provide a safe experience for our shareholders and employees.” The meeting will take place at 9 a.m. PT this year.

The record date for the annual shareholder meeting is December 28, 2020. This means you must have held AAPL shares by this date in order to attend. Here is what Apple says in the proxy statement:

Attendance at the Annual Meeting is subject to capacity limits set by the virtual meeting platform provider. To submit questions in advance of the Annual Meeting, visit proxyvote.com before 8:59 p.m. Pacific Time on February 22, 2021 and enter the 16-digit control number. 

Even if you plan on attending the Annual Meeting, we encourage you to vote your shares in advance online, or if you requested printed copies of the proxy materials, by phone or by mail, to ensure that your vote will be represented at the Annual Meeting. For more detailed information, see the section entitled “Voting Procedures” beginning on page 77 of this Proxy Statement.

In the proxy statement, Apple also says Tim Cook’s 2021 compensation will include a long-term equity award for the first time since he became CEO:

For the first time since he was promoted to the CEO role in 2011, Mr. Cook’s 2021 compensation will include a long-term equity award. This award will better align the structure of his time-based and performance-based equity incentives with the awards of our other named executive officers.

Another change:

2021 Annual Cash Incentive: Beginning in 2021, an environmental, social, and governance modifier based on Apple Values and other key community initiatives will be incorporated into our annual cash incentive program. This change will further motivate Apple’s executive team to meet exceptionally high standards of values-driven leadership in addition to delivering strong financial results.

Apple says that total compensation of its median compensated employee was $57,783 in 2019. This number includes Apple retail employees and is virtually unchanged compared to the median for 2018 ($57,596).

Tim Cook’s total compensation for 2020 ended at $14,769,259, up from $11,555,466 million in 2019 and down from $15,682,219 in 2018. This includes a $3 million salary as well as non-equity incentive plan compensation and other compensation.

Here is the full table of executive compensation for Apple executives in 2020:

Apple spent $470,246 on security for Cook during 2020 as well as $432,564 on personal air travel expenses for the Apple CEO. As we reported at the time, Apple started requiring Cook to fly private for security reasons in 2017.

Finally, Apple touts the following achievements and milestones for the company in 2020:

• Reached an all-time high in our installed base of active devices in all major product categories
• Grew revenue year-over-year in each quarter in the fiscal year
• Doubled our fiscal 2016 services revenue in the June 2020 quarter, six months ahead of our goal
• Grew our paid subscriptions to over 585 million, up 135 million year-over-year
• Returned $90 billion to shareholders in dividends and share repurchases
• Empowered our customers to take control of their health and fitness by introducing powerful new hardware and software features to Apple Watch
• Announced the transition to Apple silicon for Mac to deliver industry-leading performance and a common architecture across all Apple products
• Set new standards with our first ever all-online Worldwide Developers Conference watched by more than 22 million viewers
• Sourced and donated millions of face masks, designed and manufactured millions of face shields, and scaled the production of millions of COVID-19 test kits
• Reached over 150,000 teachers and millions of parents and students around the world with free tools and trainings in response to COVID-19 challenges
• Committed to be 100% carbon neutral for our supply chain and products by 2030

The annual AAPL shareholders meeting is never the most exciting Apple event of the year. It is, however, a good indicator of what the company likes to highlight each year. Last year, the meeting provided some tidbits on iPadOS, Apple retail in India, and more.

You can read Apple’s full poxy statement here.