I wish we could all be mature enough that such pointless symbolic gestures were not necessary. This causes no hardship for Tim and makes no non-negligible impact on Apple's financials or employee wellbeing
and if the same, then if their outlook has class struggle leanings, they're being entirely consistent, capitalist class bad.
1. Shareholders have a "say-on-pay" vote, this is non-binding, but gives the board an idea of shareholder attitudes.
2. Institutional Shareholder Services raised concerns with their clients about Tim Cook's pay and requested that they vote against Tim's proposed package.
3. The approval vote dropped to 64% (usually around 95%).
4. Members of the compensation team engaged shareholders for an idea about where to set compensation. Tim then requested that.
Thank you for explaining the context so well. But I disagree with your first claim. I'm saying it is totally a PR exercise.
Frankly it’s refreshing to see a CEO cut his own pay vs continuously increasing it regardless of how well the company performs.
What would be refreshing is an adequate social safety net. Not mega rich getting slightly less megarich.
To put some numbers behind it, the 735 billionaires in the world are worth $4.7 trillion total. Spread evenly across only 300 million people that’s only $15.6k each. Then that money is all gone.
First, a safety net wouldn't apply to 300 million people, only a small percentage of that who need it when it's necessary. Second, I'm not suggesting it is solely funded by taxing the megarich.
Other nations already offer healthcare. This isn't mathematically infeasible, it's been done elsewhere, and done for years.
It would be equally performative. This is morality theater. I'd only question his judgment about public relations.
I do understand the reasoning for this adjustment of his salary. I'm simply saying I wish it was not necessary. It's sad.
In that case, many leading CEOs are just taking symbolic salaries to do their jobs. I wonder why they even bother.
It affects the morale of your employees, knowing even your execs bear the price of struggle helps with mental health
It's documented and Nintendo applied it countless times during its history, look at the result today
https://www.polygon.com/2013/7/5/4496512/why-nintendos-sator...
I laugh at these companies laying off random people instead of cleaning up execs/managers, they treat their workforce like livestock, no wonder they are showing poor results lately
Tim Cook will never feel the pain of a layoff like someone at the genius bar.
In fact, we all know that saying Thank you may provide real value to both sides, because we mean it
But meaningless gestures, such as a billionaire at a wealthy and healthy company taking a paycut, harm and devalue our social fabric