Apple shareholders approved chief executive Tim Cook's annual compensation and voted in favour of a proposal urging Apple to oversee a third-party civil rights audit of its policies and practices.
By approving Mr Cook's pay package with 64.4 per cent of votes cast in favour, investors rejected some concerns, including from proxy advisory firm Institutional Shareholder Services, over the magnitude and structure of his equity award. ISS had urged shareholders to vote against the pay package.
Mr Cook, who took charge in 2011, last year received a compensation package with a total value of $98.7 million, a sum 1,447 times that of the average employee, as the result of a stock grant as part of a long-term equity plan.
He earned $14.8m a year earlier.
Mr Cook received 333,987 restricted stock units in 2021 in his first stock grant since 2011 as part of the long-term equity plan. He will be eligible for additional units in 2023.
Apple said in its latest proxy filing that Mr Cook's stock award was aligned with the interest of the company's shareholders.
Mr Cook succeeded co-founder Steve Jobs. Apple stock has risen by more than 1,100 per cent since he took the job.
SOC Investment Group executive director Dieter Waizenegger, a proponent of the civil rights proposal that passed with 53.6 per cent of votes cast in support, said this outcome should push Apple to combat inequality and address harm to marginalised groups.
"I think the patience of investors has run out," Mr Waizenegger said. "It's time for Apple to take a serious step, including a third-party independent review of its measures."
A shareholder proposal urging Apple to report on its use of concealment clauses also passed by a narrow margin, with 50 per cent of votes cast in favour of it.
Shareholders voted against proposals calling on Apple to increase transparency in the company's efforts to protect workers in its supply chain from forced labour and another on gender and racial pay gaps.
Apple had opposed these transparency proposals, while ISS had urged shareholders to support them.
Nearly 34 per cent of votes cast supported a resolution demanding greater transparency in the iPhone maker's efforts to protect workers in its supply chain from forced labour.
Traditionally, shareholder proposals that receive more than about 25 per cent support of votes cast tend to spur management to make changes, corporate governance analysts said.
Directors who fail to resolve shareholder concerns can face negative votes themselves the following year.
A group of shareholders had asked Apple's board to prepare a report on how the company protects supply chain workers from forced labour. Apple and independent third parties audited the company's global suppliers in 2020 and found no evidence of forced labour, its latest proxy filing said.
I think the patience of investors has run out. It's time for Apple to take a serious step, including a third-party independent review of its measures
Dieter Waizenegger,
executive director of SOC Investment Group
Also voted down was a proposal requesting that Apple report on its gender and racial pay gaps, with 66.4 per cent of votes cast against it.
"We will continue to press Apple to do better and think different about how they can create a more diverse, equitable organisation," said Natasha Lamb, a managing partner at investment firm Arjuna Capital, a proponent of the proposal.
More than 31 per cent of votes cast supported a shareholder proposal that asks Apple to disclose the number and categories of apps removed from the App Store at the request of governments.
Shareholders also approved Apple's board of directors and the retention of Ernst & Young as its accounting firm.
Apple outlined on Tuesday its actions in response to the Russian military offensive in Ukraine, including pausing all product sales in Russia. The company also said it has stopped all exports into its sales channels in the country and limited Apple Pay and other services in Russia.
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
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MATCH INFO
Uefa Champions League final:
Who: Real Madrid v Liverpool
Where: NSC Olimpiyskiy Stadium, Kiev, Ukraine
When: Saturday, May 26, 10.45pm (UAE)
TV: Match on BeIN Sports
RACE CARD
6.30pm Mazrat Al Ruwayah – Group 2 (PA) $36,000 (Dirt) 1,600m
7.05pm Handicap (TB) $68,000 (Turf) 2,410m
7.40pm Meydan Trophy – Conditions (TB) $50,000 (T) 1,900m
8.15pm Al Maktoum Challenge Round 2 - Group 2 (TB) $293,000 (D) 1,900m
8.50pm Al Rashidiya – Group 2 (TB) $163,000 (T) 1,800m
9.25pm Handicap (TB) $65,000 (T) 1,000m
UAE currency: the story behind the money in your pockets
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PAST 10 BRITISH GRAND PRIX WINNERS
2016 - Lewis Hamilton (Mercedes-GP)
2015 - Lewis Hamilton (Mercedes-GP)
2014 - Lewis Hamilton (Mercedes-GP)
2013 - Nico Rosberg (Mercedes-GP)
2012 - Mark Webber (Red Bull Racing)
2011 - Fernando Alonso (Ferrari)
2010 - Mark Webber (Red Bull Racing)
2009 - Sebastian Vettel (Red Bull Racing)
2008 - Lewis Hamilton (McLaren)
2007 - Kimi Raikkonen (Ferrari)
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BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
Price: From Dh650,000
'The Sky is Everywhere'
Director:Josephine Decker
Stars:Grace Kaufman, Pico Alexander, Jacques Colimon
Rating:2/5
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Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
What can you do?
Document everything immediately; including dates, times, locations and witnesses
Seek professional advice from a legal expert
You can report an incident to HR or an immediate supervisor
You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline
In criminal cases, you can contact the police for additional support
Rooney's club record
At Everton Appearances: 77; Goals: 17
At Manchester United Appearances: 559; Goals: 253
'Project Power'
Stars: Jamie Foxx, Joseph Gordon-Levitt, Dominique Fishback
Director: Henry Joost and Ariel Schulman
Rating: 3.5/5
Sam Smith
Where: du Arena, Abu Dhabi
When: Saturday November 24
Rating: 4/5
Dark Souls: Remastered
Developer: From Software (remaster by QLOC)
Publisher: Namco Bandai
Price: Dh199
Banthology: Stories from Unwanted Nations
Edited by Sarah Cleave, Comma Press
Sri Lanka-India Test series schedule
- 1st Test India won by 304 runs at Galle
- 2nd Test India won by innings and 53 runs at Colombo
- 3rd Test August 12-16 at Pallekele
BULKWHIZ PROFILE
Date started: February 2017
Founders: Amira Rashad (CEO), Yusuf Saber (CTO), Mahmoud Sayedahmed (adviser), Reda Bouraoui (adviser)
Based: Dubai, UAE
Sector: E-commerce
Size: 50 employees
Funding: approximately $6m
Investors: Beco Capital, Enabling Future and Wain in the UAE; China's MSA Capital; 500 Startups; Faith Capital and Savour Ventures in Kuwait
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
