As an additional security measure for Mr. Cook, the Board also requires that he use private aircraft for all business and personal travel.
In addition, Apple expensed over $224,000 for incremental private costs for security for the CEO, says the proxy statement, including the hiring of personnel for the specific benefit of Cook.More news: Views How to prepare your workforce for flu season
Cook was paid $3.06 million (roughly Rs. 19.6 crores) in salary, as well as what the report notes as a previously disclosed equity award of $89.2 million (roughly Rs. 572 crores), which brings his total annual payout to $102 million (roughly Rs. 654 crores). "Any time Cook uses an Apple private jet for personal travel, the costs are considered extra compensation, on which he will have to pay taxes", the statement further said.
The market capitalization for the iPhone maker has been hovering around $900 billion and is up almost 50 percent for the year.
Since Cook took over from Steve Jobs in 2011, the company's share price has risen more than 200 per cent and has accumulated a war chest of over $US250 billion ($A320 billion) in cash, The New York Post also reports.More news: David Moyes baffled by Bournemouth's 'killer' equaliser
The company bounced back in 2017, spurred on by impressive Watch sales and the release of three new iPhones; its stock performance mirrored Cook's compensation increase, running 47 percent since January 1.
However, Cook is also sitting on a pile of Apple stock.
The raises come after a strong financial year for Apple which saw revenue growth in both hardware products like its phones and computers as well as digital services like Apple Pay, Apple Music and its App Store.More news: Feeling lucky? Powerball lottery soars to $337 million
Apple revealed the details today in a proxy statement filed with the United States Securities and Exchange Commission ahead of the company's annual shareholders meeting, scheduled for 13 February 2018.