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GOVERNANCE

CPPIB, FSBA to oppose Apple’s executive pay package, support proxy access

Canada Pension Plan Investment Board and the Florida State Board of Administration plan to vote against Apple Inc.'s pay plan for CEO Tim Cook and other top executives, according to their proxy voting disclosures.

Mr. Cook, also a director, was paid $9.2 million. Among other top executives, Angela Ahrendts, senior vice president of retail and online stores, was paid $73 million last year.

The $182.2 billion Tallahassee-based FSBA cited, among other reasons, a disconnect between CEO pay and performance.

The C$238.8 billion (US$189.4 billion) Toronto-based CPPIB and the FSBA both plan to vote in support of a shareholder proposal calling for proxy access, enabling shareholders to use corporate proxy materials to nominate up to 25% of the board; and will oppose a shareholder proposal calling for a report related to changes in state and local government policies on climate change and renewable energy.

The CPPIB did not disclose reasons for its votes. FSBA did not disclose reasons for its other votes.

CPPIB owned 10.3 million Apple shares, valued at $1.1 billion as of Dec. 31, according to its Securities and Exchange Commission filing. FSBA owned 11.9 million shares, according to its proxy voting disclosure. Those shares at the close of Friday trading were valued at $1.5 billion.

Apple's annual meeting is March 10.