Tesla asks shareholders to reincorporate to Texas, ratify Musk's 2018 pay package
) has submitted a proxy statement requesting a shareholder vote on several proposals, including relocating its state of incorporation from Delaware to Texas.
“We are asking for your vote to approve Tesla’s move from Delaware, our current state of incorporation, to a new legal home in Texas. Texas is already our business home, and we are committed to it.” Earlier this year, a Delaware Court in Tornetta v. Musk invalidated a CEO pay package approved by Tesla stockholders in 2018, which had received about 73% support from disinterested shareholders. The court ruled that the package was not"entirely fair" to the shareholders who had approved it.
“We do not agree with what the Delaware Court decided, and we do not think that what the Delaware Court said is how corporate law should or does work. So we are coming to you now so you can help fix this issue — which is a matter of fundamental fairness and respect to our CEO,” they added.Activist judges have no business in a free society. A judge's personal opinion about what's "fair" does not override the laws legislated by the elected legislators of free people.
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