Figures follow Elon Musk’s triumph over record $56bn Tesla package
Elon Musk this week secured an emphatic victory in a Tesla shareholder vote on his $56 billion package of stock options – the largest in US history. Photograph: Ebrahim Noroozi/APUS bosses’ pay is increasing at the fastest rate for at least 14 years, according to new figures that critics say illustrate how ballooning reward packages such as Elon Musk’s risk exacerbating social inequality.
Musk’s win – the vote ratified a pay package first made in 2018 – sends executives a message that “the sky’s the limit here ... you can earn as much as you want to”, according to William George, a former compensation committee chair on Exxon’s board and former chief executive of Medtronic.Executive pay “has gotten out of control”, George said. “This is going to cause a further split in our country between the haves and the have nots.
Peloton, Nikola, LendingTree and Paycom Software are among a handful of companies that have offered their chief executives mega stock grants only to see their share prices sink. Both BlackRock and Vanguard typically support at least 90 per cent of pay packages at US companies each year, Diligent data shows. Only 1 per cent of S&P 500 pay votes have failed so far this year, according to law firm Sullivan & Cromwell.
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