Apple chief executive Tim Cook has volunteered for a 40% cut in his pay package – though he will still receive $49 million (£45m).

His “target compensation” was confirmed in a US stock market filing last night which said his latest pay was based on “balanced shareholder feedback, Apple’s exceptional performance and a recommendation from Mr Cook.”

The boss of the iPhone maker requested the cut after criticism from investor advisory group Institutional Shareholder Services which last year urged investors to vote against Mr Cook’s pay package over the “design and magnitude” of his package.

The ISS said Mr Cook’s pay was 1,447 times more than the wage of an average Apple employee.

Last year the iPhone maker’s shares fell sharply in the face of supply chain issues and a global economic slowdown. Apple shares were unchanged last night at $133.21.

Mr Cook succeeded the late Steve Jobs in 2011 and under his tenure Apple became the first company to reach a stock market valuation of $3tn. It has since lost about $1tn as investors pulled out of the tech sector amid economic slowdown and supply issues.

Mr Cook’s annual basic salary is unchanged at $3m, together with a bonus of up to $6m. His total package is loaded by share awards.

Last year the company granted him $75m of shares based on the company’s performance. For this year his stock award target has been cut to $40m, with three-quarters of that dependant on share performance.

Mr Cook’s personal wealth stands at around $1.7bn, according to Forbes magazine. He has pledged to give it away to charity.