Tim Cook got a hefty raise this year

Whether He Likes It Or Not Apple CEO Tim Cook'Must Now Fly On Private Aircraft

The Board of directors has approved that the CEO must fly on private aircraft whenever he travels, be it for business or personal reasons, a new shareholder proxy statement from Apple has said.

The flight policy for Apple's CEO was implemented in 2017 in the interests of security and efficiency based on Cook's highly visible role. Again. That's why Tim Cook and other Apple execs received appropriate compensation.

In addition to his $9.33 ($A11.9 million) million bonus, Cook receives a $US3.06 million ($A3.8 million) salary and $89.2 million in Apple stock, for a total of $US102 million ($A130 million) this year alone.

The market capitalisation for the iPhone maker has been hovering around $US900 billion (more than $A1 trillion) and is up almost 50 per cent for the year. Late Steve Jobs had similar facilities.

While Apple's revenue climbed in 2017 and is projected to continue in the green following the release of iPhone 8 and iPhone X, the company has been hit with a class action lawsuit after it admitted to slowing down iPhones as they age.

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Cook is getting the mandatory perk that cost the company $US93,109 ($A119,459) this year for personal trips alone, The New York Post reports. In 2016, Cook actually saw his salary dip $1.5 million from the year before due to Apple falling short of its financial goals thanks to slumping iPhone sales and a downturn in Apple's business operations in China.

Further, the proxy statement says that Cook will have to pay taxes anytime he uses an Apple private jet for personal travel as the cost will come under extra compensation.

CFO Luca Maestri, retail VP Angela Ahrendts, hardware engineering VP Dan Riccio, hardware technologies VP Johny Srouji and former counsel Bruce Sewell received bonuses of $3.11 million for a total compensation of $24.2 million each.

Apart from Cook, other top executives did receive a pay raise as well. Cook also incurred $224,216 in security expenses.

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