Shareholders backed deal in 2018 when company was worth $50bn but judge struck it down in January
Tesla founder and chief executive Elon Musk: shareholders will vote again on a $56 billion remuneration package next week. Photograph: Apu Gomes/Getty Images
Almost three-quarters of shareholders approved Musk’s pay package in 2018 but that didn’t sway Judge Kathaleen McCormick, who condemned the Tesla board’s lack of independence, acidly characterising them as “supine servants of an overweening master”. Musk has his backers, including Baillie Gifford’s flagship Scottish Mortgage Investment Trust, one of Tesla’s most high-profile shareholders. Shareholders in the trust, which has lost a quarter of its value over the last three years, may not agree. Proxy advisory firm Glass Lewis estimates Musk’s pay deal would require Tesla to create 304 million new shares, representing a 9 per cent dilution for current shareholders.
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Judgment day nears for Musk as shareholders vote on $56bn pay dayShareholders approving Musk’s pay deal seem like turkeys voting for Christmas
Read more »
Tesla shareholders advised by proxy adviser to reject Musk’s pay packageMusk’s compensation has been hotly contested
Read more »
Bank of Ireland files court proceedings against former Davy shareholders’ companyAilmount Limited is currently suing bank claiming it is owed €20m from acquisition of stockbroker
Read more »
Greencore shareholders set for £50m windfall as sandwich-maker’s profits soarDublin-based company attributed a dip in revenue to its decision to exit a number of low margin contracts in 2023
Read more »
Red Flag books €3m profit and prepares to pay large dividend to shareholdersConsulting group recorded record revenues last year of €12m, founder Karl Brophy confirms
Read more »
High Court grants €117,500 judgment against former transport company directorThe judge found Brian Daly agreed to fully indemnify the plaintiff against losses incurred by the company he directed
Read more »