While Tesla shareholders will vote on whether they think Elon Musk should get his mammoth pay package, the courts will have the final say.
Tesla shareholders on Thursday will get to vote on whether they think CEO Elon Musk should receive the historic pay package he was granted in 2018.
Judge Kathaleen McCormick found that Tesla's board members lacked independence from Musk, failed to properly negotiate at arm's length with the CEO and didn't to give shareholders the full picture before asking them to vote on his 2018 pay plan. By contrast, Tesla said in an April proxy filing that it's heard from several institutional shareholders who disagreed with the court's decision, and indicated they would support a vote to reinstate Musk's pay package.
Most Tesla shareholders had to submit their votes by the end of the day on Wednesday. Others in attendance are eligible to vote in person or online on Thursday. Shareholders have also put forward a proposal asking Tesla to conduct"annual reporting on anti-harassment and discrimination efforts." The company has asked investors to reject the proposal even though Tesla, and SpaceX, are facing private litigation along with state and federal probes over alleged sex and race discrimination.to look past the current state of its business and toward a future that he says will be all about artificial intelligence software, robotaxis and robotics.
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