As has been the case every year since 1998 – the year after his return to the company – Apple CEO Steve Jobs has drawn an annual salary of $1 – or 56p at today's exchange rate.
Steve, maybe you're struggling to find ways to spend your hard-earned cash? If so, you might want to think about the following:
– A 99c tune from iTunes Music Store. We recommend Money's To Tight To Mention by Simply Red.
– A half a week's worth of .Mac subscription.
– A bottle of Pepsi, and if you're lucky you might even win a free track in the iTunes/Pepsi promotion).
However, despite his pittance of a wage, Jobs isn't exactly in need of a whip-round. Apple's 2003 10K Annual Report shows that last March he received $74.75 million in restricted stock after cancelling his outstanding stock options.
He was also awarded "five million restricted shares of the Company's Common Stock that generally vest in full on the third anniversary of the grant date".
In 2002 he received options for 7.5 million shares and a bonus of $2.3 million. Jobs was granted no stock options in 2003.
In 2001 Jobs received compensation in the form of a $90 million Gulfstream 5 executive jet. Apple agreed to pay for Jobs' use of the jet on company business, and in 2003 he racked up more than $400,000 in related expenses.
In November 2003 Apple lifted a salary freeze that had maintained employee and executive officers at 2001 levels.
Commonsense Compensation Apple's Form DEF 14A document – filed with the Securities and Exchange Commission on Thursday – outlines the board of directors opposition to a proposal put forward by the United Brotherhood of Carpenters and Joiners of America, a minority stockholder that owns 6,200 shares of common stock.
The Commonsense Executive Compensation Proposal suggests that the CEO salary should be capped at $1 million, and that no senior executive should be paid more than the CEO. It also outlines restrictions on annual bonuses to senior executives, their long-term equity compensation, severance packages for executives, and disclosure rules.
The filing reports that Apple's board of directors oppose this proposal to restrict executive compensation. It says: "In order for the Company to continue to develop, market and sell innovative products and technologies, it must attract, retain and reward highly talented and creative employees, including executive officers."