To paraphrase Donna Summer, Apple CEO Steve Jobs works hard for his money, drawing his annual $1 salary once again from the company he helped create — though the value of his shares in the firm reached a new zenith — a mighty $1.8 billion!
Revealed within the firm’s regulatory filing with the SEC today, other tasty fiscal tidbits include:
- The Company believes Mr. Jobs’s level of stock ownership significantly aligns his interests with shareholders’ interests; his total compensation consists of a salary of $1 per year.
- $248,000 was reimbursed for company travel on the JobsMobile (the slightly-aging $90m Gulfstream V jet he was given in the last Century).
- The company’s net income jumped 70 percent in fiscal 2010 to $14 billion, on revenue of $65.2 billion, an increase of 52 percent from a year earlier.
- Apple’s Chief Operating Officer, Timothy Cook, took salary of $800,000 in 2010 along with a $5 million bonus and $52.3 million worth of stock awards.
- Cook’s compenstion included $40,001 for accrued and unused vacation.(Cook works pretty hard too).
In related news, Apple’s Annual Meeting will be held on Wednesday, February 23, 2011 at 10:00 a.m. Pacific Standard Time
Shareholders will vote on six items at the Annual Meeting:
- The election to the Board of the seven nominees named in this Proxy Statement (Proposal No. 1);
- Ratification of the appointment of Ernst & Young LLP as the Company’s independent registered public accounting firm for 2011 (Proposal No. 2);
- An advisory vote on executive compensation (Proposal No. 3);
- An advisory vote on the frequency of the advisory vote on executive compensation (Proposal No. 4);
- A shareholder proposal entitled “Amend the Company’s Corporate Governance Guidelines to adopt and disclose a written CEO succession planning policy” (Proposal No. 5); and
- A shareholder proposal entitled “Adopt a majority voting standard for director elections” (Proposal No. 6).
What are the Board’s voting recommendations?
- “FOR” each of the nominees to the Board (Proposal No. 1);
- “FOR” ratification of the appointment of Ernst & Young LLP as the Company’s independent registered public accounting firm for 2011 (Proposal No. 2);
- “FOR” the proposal regarding an advisory vote on executive compensation (Proposal No. 3);
- “EVERY YEAR” for the proposal regarding an advisory vote on the frequency of the advisory vote on executive compensation (Proposal No. 4);
- “AGAINST” the shareholder proposal entitled “Amend the Company’s Corporate Governance Guidelines to adopt and disclose a written CEO succession planning policy” (Proposal No. 5); and
- “AGAINST” the shareholder proposal entitled “Adopt a majority voting standard for director elections” (Proposal No. 6).