Apple CEO Tim Cook's total compensation package for 2017 is $102…

Keynote Address Opens Apple Worldwide Developers Conference

The statement continues by saying that any time an Apple private jet is used by Cook for personal travel, costs are to be considered as extra compensation, on which the CEO would need to pay the appropriate taxes.

According to new report from Bloomberg, Cook enjoyed a 47 percent jump in compensation in 2017, pulling in $12.8 million Dollars for the year, including a $9.3 million cash bonus.

Apple said the reason for implementing the new policy for Cook is due to "interests of security and efficiency based on our global profile" and Cook's high profile as chief executive. In 2016, missed targets meant Apple execs got only 89.5 per cent of their potential cash incentive payouts for the year.

In addition to covering executive compensation, the proxy statement also says that Apple's board now requires Apple CEO Tim Cook use private aircraft "for all business and personal travel".

Cook, who has been Apple's CEO since 2011, has seen his salary rise to $12,835,066 in 2017 from $8,747,719 previous year, according to a SEC filing from Apple on Wednesday.

Cook will not only fly via private plane for all business and personal travel.

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Apple just awarded Tim Cook with a huge pay hike.

The market capitalization for the iPhone maker has been hovering around $900 billion and is up almost 50 percent for the year.

Apple has also hired "personal security services" for Cook.

Apple's stock (NASDAQ:AAPL) has been on the climb since the beginning of 2017, which is in line with the NASDAQ composite, the index of the market for which Apple is traded, for the year. Being the top performer in the smartphone industry in the last quarter, Apple brought home nearly Dollars 151 more than Samsung.

Apple will slash its sales forecast for its flagship phone in the current quarter to 30 million units, down from what it said was an initial plan of 50 million units, Taiwan's Economic Daily reported, citing unidentified sources.

Apple's executive compensation programme is created to reward its senior-level officials when the company does well, and dock them when it doesn't.

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