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Tesla chair says Elon Musk needs $46 billion pay plan to stay motivated (arstechnica.com)

submitted 5 months ago by [email protected] to c/[email protected]

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[–] [email protected] 16 points 5 months ago* (last edited 5 months ago)

Too many folks here thinking they can appeal to the board with logic and reason...

Tesla Board Chairperson Robyn Denholm urged shareholders to re-approve CEO Elon Musk's $46 billion pay package this week, saying the vote is "not about the money" while suggesting that Musk could leave Tesla or devote less time to the company if he isn't properly compensated. "This is obviously not about the money. We all know Elon is one of the wealthiest people on the planet, and he would remain so even if Tesla were to renege on the commitment we made in 2018," Denholm wrote in a June 5 letter to shareholders. Musk's pay plan was nullified by a Delaware Court of Chancery ruling in January 2024 after a lawsuit filed by a shareholder. The ruling said that Denholm had a "lackadaisical approach to her oversight obligations" and "derived the vast majority of her wealth from her compensation as a Tesla director." It also said most board members "were beholden to Musk or had compromising conflicts," and that the proxy information given to shareholders before the 2018 vote was "materially deficient."

Rubber stamp, just looking for the right cover to allow them to do the wrong things.