Tesla asks shareholders to restore Elon Musk’s $56bn pay deal
Al Jazeera
Tesla Chair Robyn Denholm says company believes in ‘big risks for the chance of big rewards’.
Tesla has asked shareholders to reapprove a record-breaking $56bn pay package for CEO Elon Musk after a US judge rejected the deal.
In a filing with the Securities and Exchange Commission on Wednesday, Tesla Chair Robyn Denholm said the board of directors supported the original pay deal and believed in “big risks for the chance of big rewards”.
“Elon has not been paid for any of his work for Tesla for the past six years that has helped to generate significant growth and stockholder value,” Denholm wrote.
“That strikes us – and the many stockholders from whom we already have heard – as fundamentally unfair, and inconsistent with the will of the stockholders who voted for it.”
Shareholders, who will gather for their annual meeting on June 13, will also be asked to approve a proposal to move the company’s corporate home to Texas.
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