Tesla asks investors to approve Musk's US$56 billion pay again
BNN Bloomberg
Tesla Inc. asked shareholders to vote again on the same US$56 billion compensation package for Chief Executive Officer Elon Musk that was voided by a Delaware court early this year.
Tesla Inc. asked shareholders to vote again on the same US$56 billion compensation package for Chief Executive Officer Elon Musk that was voided by a Delaware court early this year.
In its proxy filing issued Wednesday, Tesla also said it will call a vote on moving the company’s state of incorporation to Texas from Delaware. The carmaker will convene its annual meeting on June 13.
Tesla Chair Robyn Denholm criticized the Delaware Chancery Court’s January decision, writing in the proxy that it amounted to second-guessing shareholders who had approved Musk’s performance-based award in 2018. Chief Judge Kathaleen St. J. McCormick described the company’s directors as “supine servants of an overweening master” and said they hadn’t looked out for the best interests of investors.
