Apple halves CEO pay in response to shareholders

US tech giant Apple says it will cut this year's pay to CEO Tim Cook by about half.

Apple says the target total compensation for Cook in 2023 is 49 million dollars, compared with his package of about 99 million dollars last year.

The company released the figure in papers filed with the US Securities and Exchange Commission.

Apple says its decision to revise executive pay was made in response to shareholder feedback.

The company held a shareholder vote last year. Only slightly more than 60 percent approved of the level of compensation for the CEO.

Apple also says the percentage of performance-based equity awards for the CEO was increased from 50 percent in 2022 to 75 percent this year. Equity awards account for about 80 percent of total compensation.

The change is being seen as an attempt by Apple to further emphasize the CEO's responsibility for the company's performance.