{"id":17259,"date":"2022-02-27T21:46:55","date_gmt":"2022-02-27T21:46:55","guid":{"rendered":"https:\/\/mailinvest.blog\/index.php\/2022\/02\/27\/largest-sovereign-wealth-fund-plans-to-vote-against-tim-cooks-99m-pay\/"},"modified":"2022-02-27T21:46:55","modified_gmt":"2022-02-27T21:46:55","slug":"largest-sovereign-wealth-fund-plans-to-vote-against-tim-cooks-99m-pay","status":"publish","type":"post","link":"https:\/\/mailinvest.blog\/index.php\/2022\/02\/27\/largest-sovereign-wealth-fund-plans-to-vote-against-tim-cooks-99m-pay\/","title":{"rendered":"Largest sovereign wealth fund plans to vote against Tim Cook’s $99M pay"},"content":{"rendered":"

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Norway’s oil fund has declared it will be voting against a pay policy that would provide Apple CEO Tim Cook<\/a> a $99 million compensation package along with other proposals ahead of Apple’s annual shareholder meeting. <\/p>\n

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Apple will be holding its annual shareholder meeting<\/a> virtually on Friday, March 4, giving an opportunity for votes to be cast on a number of proposals. Days ahead of the event, one organization has disclosed how it intends to vote. <\/p>\n<\/div>\n

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Norway’s oil fund, the world’s largest sovereign wealth fund valued at $1.3 trillion, said on Sunday it will be voting against Apple on pay policies. The disclosure includes one vote that would grant Tim Cool salary and bonuses valued at $99 million. <\/p>\n<\/div>\n

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The fund said that a substantial part of annual pay should be provided in shares, which should be locked in for five to ten years, reports<\/a> the Financial Times<\/em>. It also says the board “should provide transparency on total remuneration to avoid unacceptable outcomes.” <\/p>\n<\/div>\n

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The group will also be voting against Apple in relation to transparency, forced labor, an audit of civil rights, and sustainability disclosures. <\/p>\n<\/div>\n

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The signaling by the fund follows after another declaration<\/a> from February 16, when Institutional Shareholder Services told clients to vote against the pay and bonus package. ISS cited “significant concern” with the stock award in 2021. <\/p>\n<\/div>\n

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Norway’s fund owned approximately 1 percent of the shares in Apple as of December 31, 2020. The ownership on its own isn’t necessarily enough to make a difference, especially since shareholders typically follow recommendations<\/a> from Apple’s Board of Directors. <\/p>\n<\/div>\n<\/div>\n