Governance & Sustainability Center Newsletters

Proxy Voting Weekly Digest—Week Ended June 14, 2024

June 25, 2024

In its highly anticipated annual meeting on June 13, Tesla’s shareholders voted decisively in favor of CEO Elon Musk’s pay package. With 79% support, the company’s say-on-pay proposal passed with a significant margin. The package, initially approved in 2018 and worth over $50 billion, was rescinded by a Delaware judge in January due to concerns about Musk's influence over the board. However, while the shareholder vote went in Musk’s favor, the final outcome of his compensation remains uncertain, as the say-on-pay vote is advisory and not legally binding. In order to reverse the January ruling, Tesla will likely have to appeal to the Delaware Supreme Court.