(Reuters) -Proxy firm Glass Lewis has recommended that Tesla shareholders vote against the proposed $1 trillion pay package for CEO Elon Musk, days after ISS also urged investors to reject what might be the largest-ever compensation plan awarded to a company chief.
The Glass Lewis recommendation adds further pressure to Tesla’s board, ahead of a closely watched shareholder meeting on November 6 and renews scrutiny of Musk’s compensation after a Delaware court earlier voided his $56 billion pay package.
“Glass Lewis has followed ISS and issued another misguided recommendation that again disregards the fundamental purpose of public companies and who they serve – the shareholders,” Tesla said in a post on X.
Glass Lewis said the potential dilution to shareholders and other terms of the proposed pay plan “warrant significant concern.”
The two proxy advisory firms had last year also urged shareholders to reject the pay package, calling the compensation excessive.
(Reporting by Juby Babu in Mexico City; Editing by Maju Samuel)
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