Tim Cook Must Now Fly Private Jet For "Security" Reasons: Apple Inc

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According to a U.S. Securities and Exchange Commission filing made public this week, Apple's top brass - including CEO, Tim Cook; CFO, Luca Maestri; Chief Counsel, Bruce Sewell, and others - received substantial compensation packages in 2017, following what was arguably one of Apple's most successful years in business on record.

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

Apple has also hired "personal security services" for Cook.

The market capitalization for the iPhone maker has been hovering around $900 billion and is up almost 50 percent for the year.

The company is heavily dependent on the success of iPhones, which account for more than two-thirds of its total revenue.

In documents filed with the USA markets regulator, Apple said the policy was "in the interests of security and efficiency".

Apple has had a big year in 2017, releasing a new Apple Watch, the iPhone 8 and 8 Plus and a special iPhone X, which marks the iPhone's 10th anniversary.

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The company has chose to spend after Cook's security as well.

As a result of the satisfactory sales and profit in 2017, Apple is increasing Tim Cook's salary.

Just like Cook, other Apple executives can also use the private jets when required. That brings Cook's total compensation for 2017 to a whopping $102 million.

The filing noted that the value of the private flights is calculated as "imputed taxable income" which is not reimbursed by Apple.

Cook's "other" pay included $224,216 in security expenses and $93,109 for personal air travel.

Shareholders who feels like attending the shareholders meeting that will take place in the Apple Park, at Steve Jobs Theatre, requires registering themselves using the Proxyvote.com beginning at 8:00 am on 22 January, 2018. Apple's retail chief, Angela Ahrendts, was the highest paid executive, bringing in $24,216,072.

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