Team Cook, Apple CEO's Compensation Surpasses 100 Billion Won... Opposes Diversity Policy Abolition

by Kwon Jaehee

Published 12 Jan.2025 12:34(KST)

▲ Tim Cook, Apple CEO Photo by AFP News Agency

Apple stated in a disclosure related to the regular shareholders' meeting scheduled for the 25th of next month that it opposes the abolition of the 'Diversity Policy' (EDI). It also announced that CEO Tim Cook's compensation will be increased by about 18% from $63.2 million last year to $74.6 million (approximately 110 billion KRW).

According to Bloomberg on the 12th (local time), Apple expressed this position in a disclosure related to the regular shareholders' meeting to be held on the 25th of next month.

Apple opposed a shareholder proposal urging the review of abolishing the DEI policy, stating that it could discriminate against employees and lead to lawsuits.

This contrasts with many companies such as McDonald's abolishing 'Diversity, Equity, and Inclusion' (DEI) policies following the election victory of then-President Donald Trump.

Apple stated that this proposal is an inappropriate attempt to restrict business operations and that it is already assessing legal and regulatory risks.

Four shareholder proposals, including this one, will be put to a vote at this regular shareholders' meeting.

Apple also raised CEO Tim Cook's 2024 compensation to $74.6 million (approximately 110 billion KRW), up 18% from $63.2 million (approximately 93.2 billion KRW) the previous year.

Cook's compensation consists of a base salary of $3 million (approximately 440 million KRW), stock awards worth $58.1 million (approximately 8.56 billion KRW), and additional compensation of $13.5 million (approximately 2 billion KRW). Most of the increase in compensation came from the rise in the value of stock awards.

Although the compensation was significantly increased, it still falls far short of the nearly $100 million level in 2022.