{"text":[[{"start":11.04,"text":"Some companies struggle to justify skyrocketing pay for chief executives. "},{"start":15.532,"text":"Apple is not one of them. "},{"start":17.224,"text":"Those who believe pay should be linked to performance will struggle to argue against Apple’s reward scheme. "},{"start":22.616999999999997,"text":"Shareholder advisory group Institutional Shareholder Services’ is wrong to suggest that investors vote against Tim Cook’s $98.7mn pay package. "}],[{"start":32.67,"text":"ISS claims that the perks Cook receives exceed comparable companies. "},{"start":36.998999999999995,"text":"But Apple, a $2.8tn business with 1.8bn devices in active use globally, has no direct competitors. "},{"start":44.516999999999996,"text":"It is difficult to create a sensible benchmark against smaller companies. "}],[{"start":48.95,"text":"The pay package is not a record in tech. "},{"start":51.679,"text":"Alphabet’s Sundar Pichai received $277mn in stock awards in 2019. "},{"start":57.547000000000004,"text":"Elon Musk’s moonshot 2018 pay package, linked to a series of milestones, means he could earn over $55bn. "}],[{"start":65.87,"text":"The difference is that Cook’s pay does not all rely on future performance. "},{"start":70.024,"text":"But he has presided over a transformation few thought possible. "},{"start":73.417,"text":"Since he took over from Apple’s co-founder Steve Jobs in August 2011, annual sales have tripled. "},{"start":78.934,"text":"The company’s enterprise value has grown from less than $300bn to $2.7tn. "}],[{"start":85.73,"text":"It is true that no product issued in the Cook era compares to the success of the iPhone. "},{"start":90.584,"text":"But he has overseen two important and fast-growing businesses in wearables and services. "},{"start":95.214,"text":"Apple has also maintained its reputation for quality. "},{"start":98.382,"text":"This has allowed it to raise prices for high-end versions of existing products, lifting margins in the process. "}],[{"start":104.65,"text":"Apple’s high-minded claim that business should be a force for good and Cook’s own vocal support for social justice jar with a CEO pay ratio of 1,447 times the average employee’s salary. "},{"start":116.004,"text":"But he has steered the company to a record market valuation and stable balance sheet. "},{"start":120.322,"text":"Under his leadership, it has also navigated a difficult political path with some success. "},{"start":125.37700000000001,"text":"Although App Store fees draw regulatory fire, its focus on privacy chimes with the priorities of lawmakers. "},{"start":131.482,"text":"Despite geopolitical tensions, its products remain popular in China too. "},{"start":136.024,"text":"Overall, Apple sales rose 33 per cent in the 2021 fiscal year to $366bn. "},{"start":142.817,"text":"China was responsible for nearly a fifth of the total — up from about a tenth in 2011. "}],[{"start":148.36,"text":"How to benchmark CEO pay is a worthwhile debate. "},{"start":151.614,"text":"Linking remuneration to employee salaries, trailing performance or future achievements are all imperfect solutions. "},{"start":157.93200000000002,"text":"But Cook has demonstrated his worth. "},{"start":160.162,"text":"This fight is not worth having. "}],[{"start":162.08,"text":""}]],"url":"https://creatives.ftacademy.cn/album/62042-1645144036.mp3"}