Director nominees and exec pay at the core of Apple’s AGM
Environmentalist and former Vice President of America, Al Gore, joined Apple’s Board in 2003, making him the tech giant’s longest standing director. However, at its upcoming 2023 AGM, an activist investor wants shareholders to vote against his re-election.
According to Paul Chesser, the National Legal and Policy Center’s (NLPC) Corporate Integrity Project Director: “The only credentials he had, or has ever had, that meet any of Apple’s questionable criteria was that he’s been a Chicken Little for global warming. That term was so discredited that it’s now called ‘climate change.’”
Chesser also argued that, despite aligning himself with the “fraudulent cause” of climate change, Gore’s investment firm has been found to invest billions in companies increasing greenhouse-gas emissions.
Also in the news this week about Apple’s AGM, are voting recommendations over the company’s executive pay plan. In a research note published on Friday, one of the big three proxy-advisory firms, ISS, recommends shareholders vote in favour of Apple’s say-on-pay vote.
This follows the over 40% pay cut Apple CEO Tim cook agreed to take for his next pay package, bringing down his target future pay to $49 million. For this year, his pay package stands at $99 million.
Tesla shareholders call for a reverse on CEO-pay package
Shareholders of Tesla are attempting to void CEO Elon Musk’s 2018 pay package after claiming it’s the product of sham negotiations with directors who weren’t independent.
According to the shareholder’s lawyers, the proxy statement given to the shareholders who approved the pay package contained misleading information.
This week, a Delaware judge is being asked to invalidate Musk’s pay package from 2018 which was worth at least $55 billion.
According to Tesla’s defence attorneys, at the time of the pay-package decision Musk owned less than one-third of the company, meaning he was not a controlling shareholder. Furthermore, they argue that the compensation committee who negotiated the pay plan was independent.
Boohoo’s exec pay could face a shareholder revolt
Over the last two years, Boohoo share price has fallen by more than 85 cents. Despite this, a new set of incentives could see management receiving tens of millions of pounds.
The new programme plans to give a bonus equivalent to 200% of salary to the co-founders, CEO and CFO.
Included in these incentives is the possibility for CEO John Lyttle to earn up to £50 million and the CFO £25 million.
This is an ongoing issue for Boohoo shareholders; there was significant opposition to executive pay in 2020, 2021 and 2022.
