Shareholders thought the change would make Apple’s CEO more accountable. It hasn’t.

When it comes to executive compensation, it appears Apple doesn’t think all that differently from the rest of the Fortune 500.

This week, Tim Cook celebrated his 5-year anniversary as CEO of Apple AAPL -0.81% . And he did it by receiving a big payday.

Alan Johnson, a top compensation consultant who is no stranger to big pay packages—he specializes in working with Wall Street—says Cook’s huge anniversary haul shows that something is broken at Apple. “It looks like Apple’s compensation committee went for a quick cop-out, and that’s what they probably did,” says Johnson. Read More.