From Investing.com: 2024-05-25 19:20:33

Proxy advisory firm Glass Lewis is urging Tesla shareholders to reject Elon Musk’s $56 billion pay package, calling it excessive. The package, proposed by Tesla’s board, has faced criticism for its ties with Musk and lack of salary or cash bonus. Musk’s move to Texas was also criticized for shareholder risk.

Despite criticism, Tesla is urging shareholders to support Musk’s compensation, arguing that his ambitious targets for revenue and stock price justify the pay package. Musk’s efforts have significantly improved Tesla’s financial results and production output in recent years, according to a campaign website.

Glass Lewis also advised against reelecting Kimbal Musk, Elon’s brother, to the board, while former 21st Century Fox CEO James Murdoch’s reelection was recommended. The recommendation to reject Musk’s hefty pay package underscores concerns about corporate governance and shareholder value at Tesla.



Read more at Investing.com: Tesla shareholders advised to reject Musk’s $56 billion pay By Reuters