Norway’s sovereign wealth fund to vote from Apple management’s spend program

The Apple Inc. logo is seen in the lobby of New York City’s flagship Apple retail store January 18, 2011. REUTERS/Mike Segar/File Photograph/File Image

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OSLO, Feb 27 (Reuters) – Norway’s $1.3 trillion sovereign prosperity fund, the world’s largest, will vote against ratification of tech huge Apple Inc’s (AAPL.O) management remuneration program following an advisory firm urged investors to act, the fund’s manager stated on Sunday.

The Norwegian fund owns 1.03% of Apple’s shares, building it the firm’s eighth premier shareholder, in accordance to Refinitiv information.

The maker of iPhones, pcs and other gadgets is thanks to keep its yearly assembly of shareholders on March 4.

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Main Executive Tim Cook’s fork out in 2021 was 1,447 instances that of the regular Apple personnel, a business filing on Jan. 7 showed, fuelled by inventory awards that aided him get paid a whole of $98.7 million. read additional

Proxy advisory company Institutional Shareholder Solutions (ISS) last week urged investors to vote against Cook’s remuneration, citing problems about the magnitude and construction of his fairness award, which amounted to some $82.3 million. examine extra

Norges Financial institution Investment decision Management (NBIM), which operates the Norwegian wealth fund, claimed in a statement it would stick to the tips.

“A significant proportion of yearly remuneration really should be presented as shares that are locked in for 5 to 10 yrs, irrespective of resignation or retirement,” NBIM claimed.

“The board need to provide transparency on full remuneration to stay away from unacceptable results. The board need to ensure that all benefits have a distinct company rationale.”

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Reporting by Terje Solsvik
Enhancing by Alison Williams

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