Tesla’s shareholders, including SOC Investment Group and several state officials, urged investors to vote against the ELON Musk’s 1 billion dollars salary package at the company’s November meeting, as shown on Thursday a regulatory presentation.
In the letter to the Tesla shareholders, the coalition, which also includes the state treasurers of Nevada, New Mexico and Connecticut, asked investors to oppose the re-election of directors Ira Ehrenpreis, Joe Gebbia and Kathleen Wilson-Thompson.
The group cited what it called the “incessant search” of the Board to retain Musk, saying that it has delayed progress in the key objectives established at the last annual meeting, and pointed out the decrease in operational and financial performance and the “lack of significant supervision in real time of the administration.”
Despite informing records records on Thursday, Tesla faces concerns that the expiration of the Fiscal Credit for EU electric vehicles can convert purchasing fever into a drip.
You may be interested: The Board of Directors in the family business: Allied or judge?
Elon Musk’s 1 BDD payment plan faces the rejection of state investors and officials
Last month, the Tesla board of directors proposed a compensation plan for 1 billion dollars for the CEO Elon Musk in what he described as the largest corporate salary package in history, establishing ambitious performance objectives and with the aim of addressing its impulse for greater control over the company.
Among the state officials that oppose the package is the Comptroller of New York City, Brad Lander, a critic for a long time of the Board of Directors of Tesla and its supervision of Elon Musk.
Although the city’s pension funds are not among the main shareholders of Tesla and other large companies, Lander and their staff have often been involved in reform campaigns that focus debates on annual meetings. His mandate as Comptroller ends on January 1, 2026.
In response to Thursday’s letter, Tesla said in an X publication that the Performance Incentive Plan aligns Musk’s compensation with the creation of value for the shareholders “of billions of dollars.”
“If Elon Musk does not deliver results, he receives nothing,” said the company.
With Reuters information.
Do you like photos and news? Follow us on our Instagram
