A second shareholder advisory firm has come out against reinstating a pay package for Tesla CEO Elon Musk that was voided earlier this year by a Delaware judge. ISS is joining Glass Lewis in recommending against the package, recently valued at $44.9 billion.
FILE - Tesla and SpaceX Chief Executive Officer Elon Musk speaks at the SATELLITE Conference and Exhibition in Washington, Monday, March 9, 2020. Musk arrived in Indonesia’s resort island of Bali on Sunday, May 19, 2024, to launch Starlink satellite internet service in the world’s largest archipelago nation. FILE - Demonstrators walk past the Tesla factory in Gruenheide, Germany, May 11, 2024, at the end of their protest.
ISS said in its recommendations on Tesla’s proxy voting items that Musk’s stock-based package was outsized when it was approved by shareholders in 2018, and it failed to accomplish board objectives voiced at that time. Also, future concerns remain unaddressed, including a lack of clarity on Musk’s future compensation and the potential for his pay to significantly dilute shareholder value, ISS wrote.
But in a proxy filing, Tesla said that Glass Lewis failed to consider that the 2018 award incentivized Musk to create over $735 billion in value for shareholders in the six years since it was approved. In January, Delaware Chancellor Kathaleen St. Jude McCormick ruled that Musk is not entitled to the landmark stock compensation that was to be granted over 10 years.
Inc. Elon Musk Electric Vehicles Texas General News TX State Wire MI State Wire U.S. News Business Delaware F Compensation And Benefits Technology N A U.S. News
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Tesla CEO Elon Musk says he opposes EV tax incentives, tariffs on Chinese EVsTesla CEO Elon Musk said Thursday that the Biden administration's tariffs on Chinese electric vehicles were not necessary in order for his company to remain competitive.
Read more »
Tesla CEO Elon Musk says he favors 'no tariffs' on Chinese EVsElon Musk said at a conference in Paris on Thursday that he' doesn't agree with President Biden's tariff on Chinese-made electric vehicle imports.
Read more »
Tesla CEO Elon Musk says he favors ‘no tariffs' on Chinese EVsElon Musk said at a conference in Paris on Thursday that he’ doesn’t agree with President Biden’s tariff on Chinese-made electric vehicle…
Read more »
Elon Musk Will Likely Remain Tesla CEO, and Tweet Non-Stop: Prediction MarketsAlso: Trump faces likely conviction, per Polymarket punters; CFTC hearing to discuss political betting ban.
Read more »
BTC, XRP, DOGE Communities Abuzz Over Elon Musk's X MessageTesla CEO Elon Musk's tweet sparks reaction from crypto community
Read more »
Top proxy advisor ISS recommends against Elon Musk's $56 billion Tesla pay packageTop proxy advisor Institutional Shareholder Services on Friday recommended that Tesla shareholders vote against the re-approval of CEO Elon Musk's $56 billion pay package
Read more »