Apple chief executive Tim Cook earned more than $98.7 million in salary last year, more than six times his 2020 salary of $14.7m, read a statement that the Cupertino-based company has filed with the US Securities and Exchange Commission.
He earned a fixed base salary of $3m but was awarded $12m in incentives for his performance and more than $1.3m in other monetary benefits. His compensation last year also included more than $82.3m in stock awards.
Mr Cook, who has led one of the world’s most valued technology firms since 2011, took home almost $84m more than the amount he earned in 2020. However, his 2020 package did not include stock benefits.
His 2021 compensation also includes $17,400 under a 401(k) pension plan, a holiday cash-out of $23,077, security expenses of $630,630 and personal air travel expenses of $712,488, including the chief executive’s use of private aircraft based on hourly flight charges.
For security and efficiency reasons, Apple’s board enacted a policy in 2017 that requires Mr Cook to use private aircraft for all business and personal travel, the company said in the filing.
In August, Mr Cook also received more than five million shares as he completed 10 years in the top job. The tranche of shares was part of the deal that Mr Cook struck when he took over from the company’s co-founder, Steve Jobs, in August 2011.
He has sold most of the shares for more than $754m, a regulatory filing submitted by the company to the US Securities and Exchange Commission showed. As the shares were granted in previous years, the $754m does not count as part of Mr Cook’s prior year compensation package.
Mr Cook, 61, served as the company’s chief operating officer before taking over the top job.
He joined Apple in March 1998 and served as executive vice president for worldwide sales and operations from February 2002 to October 2005. From October 2000 to February 2002, he served as senior vice president for operations, sales, service and support.
“Among other qualifications, Mr Cook brings to the board extensive executive leadership experience in the technology industry … [under his leadership] Apple delivered outstanding results for our shareholders in 2021,” the company said in the filing.
In the last financial year that ended on September 25, the company reported a record $365.8 billion in net sales and $108.9bn in operating income, representing 33 per cent and 64 per cent annual increases, respectively.
Other Apple executives such as chief financial officer Luca Maestri, Kate Adams, senior vice president for general counsel and secretary, chief operating officer Jeff Williams, and Deirdre O'Brien, senior vice president for retail and people, received compensation ranging from $26m to more than $27m last year.
In 2021, the median pay for employees was $68,254, up from $57,783 in 2020, Apple said.
On January 3, Apple's market value briefly rose above the $3 trillion mark, shattering yet another record and underscoring how the Covid-19 pandemic has turbocharged Big Tech’s decades-long rise.
Apple’s stock was trading at $172.3 a share at 2.20pm New York time on Friday, giving the company a market valuation of more than $2.83tn.
The biog
Name: Salem Alkarbi
Age: 32
Favourite Al Wasl player: Alexandre Oliveira
First started supporting Al Wasl: 7
Biggest rival: Al Nasr
TEAMS
US Team
Dustin Johnson, Jordan Spieth
Justin Thomas, Daniel Berger
Brooks Koepka, Rickie Fowler
Kevin Kisner, Patrick Reed
Matt Kuchar, Kevin Chappell
Charley Hoffman*, Phil Mickelson*
International Team
Hideki Matsuyama, Jason Day
Adam Scott, Louis Oosthuizen
Marc Leishman, Charl Schwartzel
Branden Grace, Si Woo Kim
Jhonattan Vegas, Adam Hadwin
Emiliano Grillo*, Anirban Lahiri*
* denotes captain's picks
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
The bio
Date of Birth: April 25, 1993
Place of Birth: Dubai, UAE
Marital Status: Single
School: Al Sufouh in Jumeirah, Dubai
University: Emirates Airline National Cadet Programme and Hamdan University
Job Title: Pilot, First Officer
Number of hours flying in a Boeing 777: 1,200
Number of flights: Approximately 300
Hobbies: Exercising
Nicest destination: Milan, New Zealand, Seattle for shopping
Least nice destination: Kabul, but someone has to do it. It’s not scary but at least you can tick the box that you’ve been
Favourite place to visit: Dubai, there’s no place like home
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
TO A LAND UNKNOWN
Director: Mahdi Fleifel
Starring: Mahmoud Bakri, Aram Sabbah, Mohammad Alsurafa
Rating: 4.5/5
