Bloc also recommends kicking Elon’s brother and Rupert Murdoch’s son off the board
New York City's Comptroller and seven financial firms are recommending that Tesla shareholders give a thumbs-down to the electric car maker's ~$50 billion pay package for CEO Elon Musk.signed by NYC Comptroller Brad Lander and the aforementioned firms, submitted to the Securities and Exchange Commission . The letter is prefaced by saying it was filed on behalf of various pension and retirement funds for public employees such as teachers and police officers.
While it might seem strange that the Big Apple's comptroller is getting involved, it's not Lander's first rodeo. In November, he publiclyhe was distracted by his other companies in April 2023, impairing his performance as Tesla's CEO.
"The Special Committee did not 'substantively re-evaluate the terms or amount of the 2018 award' nor did it engage compensation consultants," the letter reads. "The Board's decision to utilize a Special Committee to ratify Musk's 2018 Pay Package is an attempt to undermine shareholders' best interest using unpredictable legal maneuvering," the shareholder letter claims."By using the Special Committee process, Tesla is attempting to wipe the Board's slate clean by suggesting that the original 2018 Pay Package was reviewed by unbiased, uninfluenced, and independent directors, a major critique of the Tornetta decision.
"There is ample evidence that the Board is overly beholden to CEO Musk," the document alleges."Indeed, Delaware Chancellor McCormick concluded that 'Musk operates as if free of Board oversight.' In fact, the Board has not stepped in when the CEO has made decisions that are personally beneficial but misaligned with the interests of Tesla shareholders."
"More recently, Musk has begun poaching top engineers from Tesla's AI and autonomy team for his new company, xAI, including Ethan Knight, who was computer vision chief at Tesla," the letter continues to allege.Tesla layoff circus runs into fourth week with another round of cuts
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