Tesla Shareholders Approve Elon Musk's $56-Billion Pay Package
Tesla ’s shareholders overwhelmingly approved on Thursday a 2018 CEO remuneration plan that would give Elon Musk a pay package of up to $56 billion in value. At Tesla ’s Annual Stockholders’ Meeting, stockholders approved the ratification of the 2018 CEO Performance Award and the redomestication of the company to Texas , the EV manufacturer said in a statement.
Musk's leadership since the grant date in 2018, we remain concerned about the total size of the award, the structure given performance triggers, dilution, and lack of mitigation of key person risk,” the fund said. Ahead of the vote, CalPERS said it would not back the huge pay package. “The compensation is excessive when compared to executives at peer companies, highly dilutive to shareholders, and isn’t tied to the long-term profitability of Tesla,” CalPERS CEO Marcie Frost said.
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