Apple investors approve executive pay, reject China proposal

In early January, Apple announced that its pay package for Cook last year came in at roughly $74 million

• Apple shareholders approved executive pay at annual meeting.
• Proposal

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Apple Inc. shareholders voted to approve the company’s latest executive pay packages and reject an outside proposal for an audit of its China operations, according to preliminary tallies.

The iPhone maker shared the results on Tuesday during its annual meeting of shareholders, which was held virtually. Apple Chief Executive Officer Tim Cook and outgoing General Counsel Kate Adams led the proceedings, with Adams giving opening remarks and Cook taking questions from investors.

Ahead of the meeting, Apple asked shareholders to approve proposals related to the pay packages and the board, and ratify Ernst & Young LLP as its independent auditing firm. It advised against the audit of China ties, saying it was unnecessary.

“As a public company with international operations in over 50 countries and regions, we already regularly update our shareholders as to the nature and extent of our global presence and any material risks that we face in our business,” Apple said.

Apple shareholders typically vote in line with the company’s recommendations, but they defied the guidance in 2022 and approved third-party proposals related to concealment clauses in employment agreements and civil-rights audits.

In early January, Apple announced that its pay package for Cook last year came in at roughly $74 million. That was in line with the year prior. One interesting wrinkle to this year’s proceedings is that Arthur Levinson, the company’s nonexecutive chairman, is staying put despite crossing Apple’s usually required retirement age of 75.

During Cook’s remarks, he touted Apple’s efforts to manufacture more products in the US. That includes a just-announced push to produce Mac mini desktop computers in Houston. “We’re thrilled to begin making this product in the US and shipping to customers later this year,” Cook said.

The company is also expanding its advanced AI server manufacturing in Houston after beginning production last year – a ramp-up that Cook said is now ahead of schedule. He added that the operations in Houston are expected to create thousands of jobs.

Apple is also scheduled to open a new advanced manufacturing center in the city, where it plans to provide hands-on training led by Apple experts to students, supplier employees and American businesses.