Cook, who has been Apple's CEO since 2011, has seen his salary rise to $12,835,066 in 2017 from $8,747,719 past year, according to a SEC filing from Apple on Wednesday.
According to a new shareholder proxy statement from Apple, the board of directors has approved that Cook will fly on private aircraft whenever he travels, be it for business or personal goal, Business Insider reported on Thursday.
Apple's filing disclosed Cook's pay, as well as the earnings of other top executive officers who made out even better than their boss.
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The company now has a market capitalisation of over $875bn (£650bn) making it the most valuable publicly owned company in the world.
Cook's total pay package was valued at $12,825,066 for the 12 months ending September 30, 2017, according to the company's annual proxy statement that was filed today with the U.S. Securities and Exchange Commission. Angela Ahrendts, the former CEO of Burberry and now head of Apple's retail operations, topped the list with $24.2 million in total compensation.
It's been a good year for Apple and its CEO Tim Cook. The article previously stated Tim Cook received a private plane when he actually received the use of a private aircraft.
Apart from Cook, other top executives did receive a pay raise as well.
As a result, the value of Cook's compensation also included "security expenses in the amount of $224,216" and "personal air travel expenses in the amount of $93,109". Apple gave a private jet to Steve Jobs in 2000, according to Business Insider. The flight policy went into effect in 2017 "in the interests of security and efficiency" based on Cook's "highly visible" role as CEO.