Tesla investors against Musk's billion-euro package: Board criticised
13 hours ago
- #Tesla
- #Corporate Governance
- #Elon Musk
- Tesla investors and state pension funds oppose Elon Musk's new remuneration package, potentially worth up to one trillion US dollars.
- Criticism targets Tesla's declining performance, insufficient board oversight, and excessive executive compensation.
- Tesla's sales have dropped, with a 13% global decline and over a third in Europe, affecting market share.
- Revenue growth slowed to 1% in 2024, with significant drops in operating results and net profits.
- The Supervisory Board is accused of lacking independence due to close ties with Musk and excessive director remuneration.
- The proposed 2025 CEO Performance Award is criticized for vague targets and potential dilution of shareholder stakes.
- Musk's involvement in multiple companies and alleged misuse of Tesla resources are highlighted as concerns.
- Investors demand the removal of three board members and reject the compensation proposal.
- New York State Pension Fund joins opposition, citing Musk's lack of focus on Tesla despite his significant stake.
- Tesla defends the plan, stating it aligns Musk's compensation with shareholder value creation.