XLY - Tesla Argues New Pay Plan For Musk Would Cost More: Report | Benzinga
Tesla Inc. (NASDAQ:TSLA) has come forward to defend a proposal to ratify CEO Elon Musk‘s $56 billion pay package, asserting that a new compensation structure would be even more expensive.
This defense comes after a prominent proxy advisory firm urged shareholders to vote against the proposal, according to a report from Reuters.
The electric vehicle giant contends that Musk’s substantial pay package, among the largest in corporate America, has driven him to generate significant value for shareholders.
Last week, Institutional Shareholder Services (ISS) criticized the pay as excessive and expressed concerns about Tesla presenting an all or nothing option to shareholders ahead of the annual meeting on June 13.
Another proxy advisory firm, Glass Lewis also urged shareholders ...