Apple CEO Steve Jobs has again paid himself an annual salary of just $1 (50p). Nor did he receive any stock options or restricted stock for Apple's fiscal 2004, according to a regulatory filing.
Jobs is not even compensated for attending board meetings, according to the filing.
However, the man who co-founded Apple is hardly hard-up. Forbes magazine recently ranked his at number 74 of the world's 400 richest people. He is thought to be worth $2.6 billion.
Reuters notes that in March 2003, Jobs cancelled all of his outstanding options, excluding those granted to him in his capacity as director. At that time Apple's board granted Jobs 10 million restricted shares of Apple's common stock that will vest in full on the third anniversary of the grant date – next March.
Jobs may have cancelled his outstanding options but colleague VP Jon Rubinstein is celebrating a $26.37 million pay out after he exercised his 3 million stock options last year.
Rubinstein's compensation in 2004 included a restricted stock grant valued at about $6.38 million and a salary totalling $485,216, according to The Associated Press.
Similarly Apple VP Tim Cook realized $14.17 million when he exercised 2.7 million stock options last year. In addition Cook received a restricted stock grant in 2004 valued at about $7.7 million, as well as a $602,632 salary, according to the annual proxy statement.
Apple wants to boost cash bonuses because executives at rival companies are paid better, according to a study it commissioned, writes Bloomberg News.
According to the filing: "At current levels, the company's executive compensation program is not competitive." Apple is concerned that it will lose its executives to competing companies like Dell and Sony if it is not able to reward its staff accordingly.
Apple plans to ask shareholders at its annual meeting on April 21 to approve the cash bonus plan. Cash bonuses would be paid to non-executive employees and directors if certain performance goals are met. Last year Ron Johnson (retail) and Avadis Tevanian (software) received bonuses. Under the bonus proposal, executives would get cash when certain performance goals were met.