Apple To Hike Dividends, Tim Cook Says

Apple Inc. AAPL shareholders have voted to re-elect the company’s entire board of directors and also approved the 2020 executive compensation program, CNBC reported Tuesday. The company also plans to increase the dividend.

What Happened: This year’s shareholder meeting took place in a virtual format on Tuesday.

Apple CEO Tim Cook’s 2021 compensation will include a long-term equity award, the first since he was promoted to the top role in 2011, as per CNBC. The equity package was announced in September 2020.

See also: How To Buy Apple Stock

In a proxy filing, Apple’s board noted that since Cook’s promotion to the role of CEO in August 2011 through September 2020, the company’s market capitalization increased by more than $1.5 trillion and total shareholder return, including dividends, was 867%.

Apple shareholders reportedly voted down a proposal that would require the company to reduce executive pay compared with median employee salary across the company.

Cook said that Apple planned to raise its dividend, according to the CNBC report. The iPhone maker had declared a dividend of 20.5 cents per share in the holiday quarter.

The CEO also reportedly noted that Apple employees have been working from home since March and have adapted well to remote work.

See Also: Tim Cook Says Apple Will Preserve Its Work Culture But Integrate COVID-19 Transformations

Regarding Apple’s acquisition strategy, Cook said Apple acquires a company every month or so and has acquired about 100 companies over the last six years.

Why It Matters: Apple has thrived despite the pandemic and reported revenues of $111.4 billion in the recent first quarter, up 21% year-over-year. The tech giant is the biggest listed public company in the U.S. with a market capitalization of $2.1 trillion.

Price Movement: Apple shares closed 0.1 percent lower at $125.86 on Tuesday.

Read Next: Apple Says Hardware Chief Will Work On 'New Project' Under Tim Cook — But Wouldn't Tell Us What It Is