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Apple execs and directors have to hold AAPL stock that's three, five times their salary
- — 03 March, 2013 17:14
Apple has implemented a new rule that means its executives have to hold triple their base salary in AAPL stock.
In addition, Non-Employee Directors must hold five times their annual retainer, and Apple CEO Tim Cook must hold ten times his annual base salary in AAPL stock, according to Modmyi.
The move was implemented on 6 February, according to the Wall Street Journal report. Apple posted a notice on its website on 6 February, one month after it first issued its definitive proxy statement, according to Apple Insider.
This is despite the fact that Apple's board had urged shareholders at its shareholder meeting on Wednesday to oppose a similar measure. Proposition 5 was titled "Shareholder Proposal Entitled Executives to Retain Significant Stock," and it recommend that executives retain 33% of their stock holdings until retirement. It was proposed by a shareholder.
The change was discovered in a Securities and Exchange Commission (SEC) filing yesterday. The filing also revealed that all members of Apple's Board of Directors, apart from Apple CEO Tim Cook, received 562 restricted stock units as part of an automatic grant. Those shares are currently worth over $230,000, writes Apple Insider.
That same notice stated that board members' retainers start at $50,000 per year. The base salaries for the majority of senior executives in 2013 was $875,000 and Cook is thought to have had salary of $1.4 million.
Last year a number of Apple executives sold of shares. For example, in November 2012 we reported that Apple's Bob Mansfield, senior vice president of the newly created Technologies role at Apple, has cashed in more than $20 million worth of Apple shares. In December we reported that Apple's Mr Fix it Eddy Cue had cashed in $8.8m AAPL stock for $8.8 million. In addition, in May we reported that Apple's Senior Vice President (no longer employed by Apple now) Scott Forstall, and director at Apple, Millard Drexler, had sold thousands of Apple shares worth millions of pounds. Many Apple executives are incentivised with share packages that mature at a certain date, which may explain the sell offs.