New York City’s investment chief and other key investors are urging Tesla Inc. shareholders to vote against Chief Executive Elon Musk’s $56 billion pay package and the reelection of board directors Kimbal Musk and James Murdoch.
Musk’s pay, voided in a Delaware court in January, does not serve Tesla TSLA, +3.83% shareholders, the group said in an open letter Monday.
“Shareholders should not pretend that this award has any kind of incentivizing effect — it does not,” the letter said. “What it does have is an excessiveness problem, which has been glaringly apparent from the start.”
Tesla shareholders will vote on the CEO package as well as the company’s re-incorporation in Texas and the two board members’ reelection.
The meeting is scheduled for June 13, with the company taking the unusual step of launching a website to urge shareholders to vote for its proposals. On Monday, Tesla also released a video urging passage of its proposals.
Signees of Monday’s letter include Amalgamated Bank, Danish pension fund AkademikerPension, Nordea Asset Management, and United Church Funds, an investment firm mostly serving United Church of Christ churches and ministries, as well as New York City Comptroller Brad Lander.
Click this link for the original source of this article.
Author: Joseph Curl
This content is courtesy of, and owned and copyrighted by, https://www.offthepress.com and its author. This content is made available by use of the public RSS feed offered by the host site and is used for educational purposes only. If you are the author or represent the host site and would like this content removed now and in the future, please contact USSANews.com using the email address in the Contact page found in the website menu.