Tesla CEO Elon Musk’s $56 billion pay package will go to another shareholder vote in June, after a Delaware court voided it as excessive.
Tesla will ask shareholders to re-approve CEO Elon Musk's $56 billion pay package, months after a Delaware court found it deeply flawed and voided it.Musk has publicly and bitterly decried both the decision and continued incorporation in Delaware in the aftermath of the case, but Tesla's board says it arrived at both decisions independently.
Musk's pay package was invalidated after a shareholder won a lawsuit against the company earlier this year. Delaware Chancery Court Chancellor Kathaleen McCormick found that Musk, rather than Tesla's board, controlled the company and that the board's compensation committee, rather than negotiating with Musk over the terms of the deal,"worked alongside him, almost as an advisory body.
The company also noted that"dozens of institutional stockholders" have told Tesla that they disagree with the Tornetta decision.are incorporated there — because the state has a robust legal framework and court system dedicated to resolving corporate issues, like executive pay, but also broader contract negotiations.
Tesla connected the Delaware decision directly to their proposal, but it said that both Elon Musk and his brother Kimbal Musk, who also sits on Tesla's board, recused themselves from deliberations.
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