Apple shareholders are being urged to vote against CEO Tim Cook's hefty bonus

Institutional Shareholder Services (ISS) urged Apple Inc shareholders to vote against Chief Executive Officer Tim Cook's remuneration, citing concerns about the size and structure of his equity award.

Apple's annual shareholder meeting will take place in the first week of March.

"There are serious concerns about the design and magnitude of CEO Cook's equity award in FY21... Half of the awards are devoid of performance criteria "ISS stated in a letter dated Wednesday.

Cook received a salary of $3 million (roughly Rs. 20 crores) in 2021. In addition, he received $82.3 million (approximately Rs. 620 crore) in stock awards, $12 million (approximately Rs. 90 crore) for exceeding Apple's targets, $1.4 million (approximately Rs. 10 crore) for air travel, 401(k) plan, insurance premiums, and other benefits.

In total, he earned $98.7 million (approximately Rs. 740 crore) in 2021, up from $14.8 million (approximately Rs. 110 crore) the previous year.

He received 333,987 restricted stock units as part of a long-term equity plan, his first stock grant since 2011. In 2023, he will be eligible for additional units.

Cook's 2021 equity award was valued at $75 million by ISS (roughly Rs. 560 crore). According to a January filing, his pay was 1,447 times that of the average employee at the tech behemoth.

"Half of the $75 million (approximately Rs. 560 crore) award is purely time-based, and the award would continue to vest in full in the event of his retirement," according to ISS.

Apple declined to comment, referring to the company's proxy filing, which details Cook's performance-based pay.