From Investing.com: 2024-06-12 18:46:52

The California Public Employees’ Retirement System will vote against Tesla CEO Elon Musk’s $56 billion compensation package, citing concerns about concentrating a large award on one individual and potential dilution of other shareholders’ value. Florida’s pension board, however, supports the plan, praising its high pay-for-performance levels.

Tesla’s shares have fallen 28% this year as the company faces its first annual sales drop and Musk focuses on advancing self-driving technology. Analysts are closely watching the upcoming shareholder meeting as a crucial test of Musk’s leadership amidst these challenges. CalPERS CEO questions the fairness of Musk’s stock options package.

The Florida State Board of Administration also voted against Tesla director Kimbal Musk and the company’s proposal to re-domicile to Texas. With 2.89 million shares, the agency is Tesla’s 80th largest investor. A Delaware judge previously rejected Musk’s compensation package, labeling it an “unfathomable sum” that unfairly benefits Musk at the expense of shareholders.



Read more at Investing.com: CalPERS becomes latest Tesla shareholder to vote against Musk’s pay package By Reuters