Tesla chief executive Elon Musk has claimed that shareholders are set to vote in favour of his $56 billion pay award and a proposal to reincorporate the electric-car maker in Texas at its annual meeting on Thursday. Photograph: Susan Walsh/APTesla chief executive Elon Musk has claimed that shareholders are set to vote in favour of his $56 billion pay award and a proposal to reincorporate the electric-car maker in Texas at its annual meeting on Thursday.
However, formal approval of the two resolutions would rank as a massive win for the mercurial chief executive, who has fought over the largest pay package in US corporate history.Tesla’s board has been lobbying investors to ratify again Musk’s $56 billion award – made in 2018 but voided by a Delaware judge in January because of concerns over the board’s transparency and independence.
Tesla chair Robyn Denholm has led the campaign to win support for both proposals, comparing her task to climbing Mount Everest. The chief executive of Calpers – the largest US public pension fund and a top-25 shareholder with a $1.67 billion stake – has also said it planned to vote against the deal. Tesla has an unusually high proportion of retail investors – who own about 30 per cent of the company – and the high hurdles for success for both votes, in particular the move to Texas, had meant that their backing would be critical.
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