Musk won! Tesla shareholders approved Musk's sky-high compensation plan

Drive the house

2024-06-13 15:22Published in Henan

Fast Technology reported on June 13 that Tesla CEO Elon Musk recently announced on his social account that Tesla's two important shareholder resolutions - re-approving Musk's $56 billion compensation package and the proposal to move the company's headquarters from Delaware to Texas - were passed by a significant margin.

This preliminary result is undoubtedly good news for Musk and Tesla.

Previously, Tesla had put a lot of effort into gaining support for both proposals from large institutional investors and retail shareholders.

Tesla's annual shareholder meeting was held in the early morning of June 14, Beijing time, and shareholders voted on Musk's compensation package.

Although the plan was declared null and void by a Delaware court in January, Tesla pushed shareholders to re-vote at its annual shareholder meeting.

Supporting the compensation package are Scottish asset manager Baillie Gifford & Co, Ark Investment Management and Ron Baron, head of Baron Funds.

Baron, a long-time investor in Tesla, emphasized the importance of Musk's compensation package since 2018 in the open letter, arguing that the vote could affect whether Musk stays with the company.

However, there are opponents, including Norges Bank, Norway's sovereign wealth fund, and the California Civil Service Retirement Fund, the largest public pension fund in the United States.

Tesla Chairman Robin Denholm has been actively communicating with large institutional investors, and Tesla has also posted advertisements on social media platforms to rally support for the compensation package.

The deadline for investors to vote is June 12 at 10:59 p.m. CT.

Through these two resolutions, Tesla demonstrates the flexibility of its corporate governance structure and the confidence of shareholders in the company's future development.

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