Proxy advisory firm Glass Lewis said on Saturday it has urged shareholders to reject a US$56 billion (S$75 billion) pay package for Chief Executive Officer Elon Musk, which if passed would be the largest pay package for a CEO in corporate America.
Elon Musk, CEO of Tesla, on May 6, 2024.Proxy advisory firm Glass Lewis said on Saturday it has urged shareholders to reject a US$56 billion pay package for Chief Executive Officer Elon Musk, which if passed would be the largest pay package for a CEO in corporate America.
The pay package was proposed by Tesla's board of directors, which has repeatedly come under fire for its close ties with the billionaire. The package has no salary or cash bonus and sets rewards based on Tesla's market value rising to as much as US$650 billion over the 10 years from 2018. The company is currently valued at about US$571.6 billion, according to LSEG data.
Glass Lewis also criticised the proposed move to Texas as offering "uncertain benefits and additional risk" to shareholders.In an interview this month, Tesla's board chair Robyn Denholm told the Financial Times that Musk deserves the pay package because the company hit ambitious targets for revenue and its stock price.
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