Apple’s Annual Report Reveals Executive Pay, Shareholder Proposals, and 2024 Meeting Date

Apple Inc. released its annual report to shareholders, offering insights into executive compensation, shareholder proposals, and the timing of 2023 annual meeting. What information does the 116-page report disclose?

CEO Tim Cook received $99.4 million in total compensation for 2022. His target compensation for 2023 was set at $49 million, a 40% reduction from 2022. However, Cook’s actual 2023 compensation exceeded expectations at $63.2 million, 28% above target but still 36% below last year. What explains the higher-than-expected pay? Apple stated that strong financial results buoyed Cook’s compensation beyond the original plan.

Two longtime Apple directors will retire this year: former vice president Al Gore and James Bell, former CFO of Boeing. Apple’s policy asks directors to leave the board at age 75. Gore and Bell are both 75. However, 75-year-old Ronald Sugar will remain on the board due to his specialized experience. Board chairman Art Levinson is 73, so retirement may be on the horizon.

Several shareholders submitted proposals for voting at February’s annual meeting. Proposals include requiring an independent board chair, reporting on diversity and inclusion, performing a civil rights audit, and disclosing more political spending data. The board recommended voting against each proposal.

The annual report provides shareholders insights into executive pay, board composition, shareholder activism, and important dates. While compensation is down year-over-year, Cook still received hefty pay. And board retirements raise questions about future succession planning. The report illuminates how America’s largest public company is responding to shareholder and employee concerns. What other revelations lie within Apple’s dense annual disclosure? Shareholders and observers will closely analyze the fine print.

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Max Hyland
Max Hyland
Long form contributor Apple iPhone, iPad, watch reviews, opinion, editorial

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