Apple chief executive Tim Cook will receive 15% less salary and bonuses in 2016 than the previous year, after the company revealed that it had missed its sales target for the year.
Apple's annual sales target for 2016 was US$223.6 billion but it achieved sales of US$215.6 billion, according to filings with the Securities and Exchange Commission. In 2015, net sales stood at US$233.7 billion.
Operating income was 0.5% short of the projected 2016 target, at US$60 billion. In 2015, that figure was US$71.2 billion.
Cook received salary and bonuses of US$8.75 million in 2016, 15% less compared to the US$10.3 million in 2015. Cook took home US$9.2 million in 2014.
{loadposition sam08}Of Apple's income for the year, 63% came from iPhone sales, with more than 45 million units sold worldwide in the last quarter of 2016.
In its SEC filing, Apple said: "Overall, our 2016 performance with respect to net sales and operating income was 7.7% and 15.7% below our record-breaking 2015 levels; however, the 2016 payouts to our named executive officers were significantly less than the annual cash incentive payouts for 2015, reflecting strong pay-for-performance alignment."
The filing also contained statements about other aspects of the company's policies. On diversity and inclusion, Apple said its hiring trends over the last three years showed a steady increase in attracting women and minorities.
On privacy, the company claimed that it had never sold customer data. "Apple has been protecting user data for over a decade with SSL and TLS in Safari, File Vault on Mac, and encryption that is built into iOS. We utilise privacy by design to help create the best user experience and we never sell user data."
Apple also claimed that it was using 100% renewable energy in 23 countries. "Ninety-three per cent of the electricity in 2015 for our global operations comes from renewable sources," the filing said. "In 2015, over 99% of the virgin paper used in our product packaging came from sustainably managed forests or controlled wood sources."