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The board of directors of Apple advised shareholders to vote against Carl Icahn's $50 billion buyback proposal, according to a proxy statement filed with the Securities and Exchange Commission on Friday afternoon.
"The board and management team are thoughtfully considering options for returning additional cash to shareholders. …" Apple said in the filing. The global marketplace imposes a "dynamic competitive landscape, and the company's rapid pace of innovation requires unprecedented investment, flexibility and access to resources," it added.
"While the board and management oppose this shareholder proposal, they are fully committed to returning cash to shareholders," the company said in the filing.
The filing also shed light on Apple's executive compensation.
CEO Tim Cook had a total compensation package worth $4.25 million in 2013, up slightly from $4.17 million last year. His 2013 package included a base salary of $1.4 million and a $2.8 million bonus. No stock awards were given.
In 2011, Cook landed compensation totaling $378 million, though $376.18 million stemmed from stock awards. His salary that year was set at $900,000, as was his bonus.
Eduardo Cue, senior vice president of Internet software and services, was the second-highest-paid Apple executive reported in the filing. His total compensation for 2013 neared $2.65 million, with a base salary of $866,061 and a bonus of $1.75 million.