Apple chief executive Tim Cook will be taking a pay cut of more than 40% this year after criticism from Apple shareholders.
The chief executive requested the reduction himself after fewer than two-thirds of Apple investors supported his pay package at the firm's annual meeting in 2022.
In a filing to the United States Securities and Exchange Commission published on Thursday, Apple's compensation committee awarded the Apple boss a total "target compensation" of $49million (£45.1million) for 2023.
This is down from Tim Cook's compensation target of $84million (£68million) in 2022.
The Apple filing said: "The Compensation Committee balanced shareholder feedback, Apple's exceptional performance, and a recommendation from Mr Cook to adjust his compensation in light of the feedback received."
Nearly three-quarters of Apple's shareholders, 64%, gave their approval in an advisory vote on Apple’s executive compensation packages at its annual meeting last year.
However, Apple noted in the filing that it represented a “notable year-over-year decline, as our annual say on pay proposals have received much higher levels of shareholder support for many years.”
According to the filing, the shareholders who did not support the Apple boss' pay said it was the "size and structure of the 2021 and 2022 equity awards granted to Mr Cook as the primary reason for their voting decision”.
The move will see Tim Cook's annual basic salary unchanged at $3million (£2.4million), which has remained the same since 2016, as well as his bonus of up to $6million.
The move will cause the biggest difference in how he will be awarded shares in Apple, as last year he was awarded $75million worth of shares.
This figure was 50% based on how well the tech firm performed on the stock market, and 50% based on time-based vesting which is a method on how to decide who has earnt their share of stocks.
This year, however, his stock award target has been cut to $40million with 75% of it based on stock market performance.
The filing shared that Tim Cook's compensation for Apple's financial year to the end of September 2022 was $99.4million which was slightly up on the year before where it was $98.7million.
Tim Cook has been at the helm of Apple for 11 years since August 2011, after taking over from Steve Jobs with the 62-year-old having been at the company for around 24 years.
Despite the pay cut, Apple's Compensation Committee said the company had an "exceptional performance" in 2022.
