Tesla Inc (TSLA) Shareholders Approve Massive Compensation Package For CEO Elon Musk

24 March, 2018, 14:17 | Author: Yolanda Murray
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Shares of Tesla were rallying, up 2.5%, ahead of a shareholder vote on chairman and CEO Elon Musk's compensation package.

In a February earnings call with industry analysts, Musk was asked whether he sees a successor on the horizon.

The compensation package could net Musk even more in coming years.

Votes on the compensation plan will be cast at a special shareholder meeting in Fremont, California, at 9 a.m. local time.

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Tesla Inc (NASDAQ:TSLA) has approved CEO Elon Musk's pay package, according to sources close to the company.

Musk is also CEO of SpaceX, the commercial rocket maker, and has multiple other ventures, including The Boring Co., which exploring whether burrowing under cities can become a high-speed transportation option. A lower figure would likely lead Tesla to review its communications with shareholders, he added.

John Trentacoste, a partner at pay consultant Farient Advisors, said the 73 percent support level shows "there is support, but scepticism" among investors for Musk's pay plan.

Finally, the grant is created to push Tesla toward fulfilling the vision Musk laid out in his "Master Plan", where he outlined a future for Tesla as a fully integrated sustainable energy company and mass-market electric automaker.

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In what's believed to be the largest one-time compensation deal ever awarded, Elon Musk will earn stock options valued at $2.6 billion (€2.12 billion).

"Even in consideration of the significant and perhaps historic achievements that would be required for Musk to ultimately realize the full award value, we consider that the design and terms carry a number of risks that, when coupled with the unparalleled magnitude, overshadow the underlying rationale for the grant", ISS stated. The tech entrepreneur was worth an estimated $20 billion as of Wednesday, according to Forbes. Musk and his brother Kimbal Musk, who also holds company shares, abstained from the vote. Spokesmen for Baillie Gifford and Chinese internet giant Tencent Holdings Ltd. were not immediately available to comment.

If Elon Musk succeeds in accomplishing Tesla's goals for the next ten years, the electric vehicle maker and energy company have a market cap of $650 billion. T. Rowe Price and shareholder Fidelity, which holds nearly 10 percent of Tesla stock, declined to comment.

A pair of large institutional investors reportedly opposed the pay plan due to its size and questions as to whether it would actually motivate Musk. Large stock awards can be costly for investors in two ways: They can increase a company's expenses and they dilute the stakes of existing shareholders. "In addition, we have concerns about the lack of focus on profitability for the company, and the one profitability metric that is used excludes the cost of stock-based compensation, ' CalSTRS" Director of Corporate Governance, Anne Sheehan, said in a statement before the vote. "The true shareholders of Tesla are all in on Elon".

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