MUSK SAYS TESLA SHAREHOLDERS ARE VOTING YES FOR HIS PAY PACKAGE – Shareholders can change their vote up to the start of the annual meeting
Tesla shareholders are voting to approve a $56 billion pay package for Elon Musk and to move the electric vehicle maker’s legal home to Texas, the CEO said on social media, adding that passage was by wide margins.
Overwhelming shareholder approval of the largest remuneration terms in U.S. corporate history could allay investor concerns about Musk’s future at the company, while giving the electric carmaker ammunition in its fight to reverse a court decision to void the pay package.
The result will be announced at a meeting at Tesla’s headquarters in Texas at 10.30PM GMT+1 today Thursday June 13th.
Major proxy firms Glass Lewis and Institutional Shareholder Services (ISS) had urged shareholders to reject the pay package, and large investors including Norway’s sovereign wealth fund had said they would vote against it.
Tesla shareholders also cast ballots on other proposals including the move of its legal headquarters from Delaware to Texas, as well as the re-election of two board members: Musk’s brother Kimbal Musk and James Murdoch.
