Delaware judge is considering whether a shareholder vote should override her decision invalidating record award
A Delaware judge on Friday expressed scepticism that a vote by Tesla shareholders would give her grounds to reinstate the record $56bn pay package for Elon Musk that she invalidated earlier this year. During a day-long hearing before Kathaleen McCormick in the Delaware Court of Chancery, lawyers for Tesla and its board of directors admitted they could not cite any precedent to allow shareholders to override the court’s finding that the board had breached its legal duty by approving the package.
Ross pointed out that shareholders were fully informed, having received a copy of the 200-page ruling detailing the defects in the 2018 pay process in their proxy materials ahead of the vote. McCormick repeatedly interjected during Tesla lawyers’ arguments, trying to elicit what legal doctrines and cases they were relying on to press for the reversal.
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