Tim Cook gets a 46 percent pay raise in 2017

Tim Cook gets a 46 percent pay raise in 2017

Cook's annual base salary for 2017 was unchanged at $3 million and the annual salary for each of Apple's other executive officers also remained the same, at $1 million.

But then in fiscal year 2017, Apple saw a major rebound across almost all of its categories. In 2017, it was nearly identical, at $224,216, but included the addition of personal air travel expenses in the amount of $93,109.

According to a new shareholder proxy statement from Apple, the board of directors has approved that Cook will fly on private aircraft whenever he travels, be it for business or personal goal, Business Insider reported on Thursday.

Apple's executive compensation programme is created to reward its senior-level officials when the company does well, and dock them when it doesn't.

Apple's other top execs made out even better than their boss, each of whom was awarded $20 million in stock. Including that amount, Cook's total pay for the year topped $100 million.

"I couldn't be more excited about Apple's future", said Cook during a call with analysts to discuss the company's quarterly earnings in November.

The Apple board stipulated this year that for security reasons the CEO should use private planes for business and personal travel, citing the risk given his high profile.

That total included a $9.33 million bonus, a 74 percent increase from the year before, in addition to his $3.06 million in salary and equity award of $89.2 million. Apple's SVP of retail Angela Ahrendts and SVP of hardware technologies Johny Srouji brought in about $24.2 million for the year.

While better sales is good news for Apple, which saw sales decline for the first time a year ago, the company thought it also means Cook's security could be at risk.

The proxy filing to the SEC comes as Apple announced it would be holding its annual share holder meeting on 13 February at the Steve Jobs Theatre, where it also launched the iPhone X.

The flight policy for Apple's CEO was implemented in 2017 in the interests of security and efficiency based on Cook's highly visible role. Mr. Cook recognizes imputed taxable income and is not provided a tax reimbursement for personal use of private aircraft.

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