Tesla Shareholders Advised by Proxy Adviser to Reject Musk’s Pay Package
- $56 billion award considered ‘outsized’ from start, ISS says
- Proxy firm offers ‘cautionary support’ for Texas move
Elon Musk’s compensation has been hotly contested this year.
Photographer: Nathan Laine/BloombergThis article is for subscribers only.
Tesla Inc. shareholders are being urged by proxy adviser Institutional Shareholder Services to reject Chief Executive Officer Elon Musk’s $56 billion compensation plan, setting up another hurdle for the electric carmaker’s board.
ISS said the pay package, initially approved by shareholders in 2018, was “outsized from the start” and has failed to meet some of the board’s stated objectives. The opposition comes days after another prominent proxy adviser, Glass Lewis & Co., recommended investors vote down the Musk remuneration plan.