OSLO (Reuters) -Norway’s $1.3 trillion sovereign wealth fund, the world’s largest, will vote against ratification of tech giant Apple Inc’s management remuneration plan after an advisory firm urged investors to act, the fund’s manager said on Sunday.
Chief Executive Tim Cook’s pay in 2021 was 1,447 times that of the average Apple employee, a company filing on Jan. 7 showed, fuelled by stock awards that helped him earn a total of $98.7 million.
Proxy advisory firm Institutional Shareholder Services (ISS) last week urged investors to vote against Cook’s remuneration, citing concerns around the magnitude and structure of his equity award, which amounted to some $82.3 million.
Norges Bank Investment Management (NBIM), which operates the Norwegian wealth fund, said in a statement it would follow the advice.
“A substantial proportion of annual remuneration should be provided as shares that are locked in for five to ten years, regardless of resignation or retirement,” NBIM said.
(Reporting by Terje Solsvik;Editing by Alison Williams)