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Tesla prepares for a major pay plan
(MENAFN) As it is being pressured on a number of fronts, electric carmaker Tesla is asking shareholders for support for chief executive Elon Musk, calling a special meeting for investors to vote on a 10-year compensation plan for the CEO.
Based on the plan, Musk could receive stock awards worth an estimated USD2.6 billion, which is among the largest in US history.
Major holders of the company's stock, including investment firms Baillie Gifford and T Rowe Price, said they are set to to support the pay plan, providing a vote of confidence.
Regulators in the country have had doubts about the firm's financial disclosures, while some shareholders have complained about the board's independence and its 2016 decision to buy SolarCity, a money-losing solar power company backed by Mr Musk and led by his cousin.
Based on the plan, Musk could receive stock awards worth an estimated USD2.6 billion, which is among the largest in US history.
Major holders of the company's stock, including investment firms Baillie Gifford and T Rowe Price, said they are set to to support the pay plan, providing a vote of confidence.
Regulators in the country have had doubts about the firm's financial disclosures, while some shareholders have complained about the board's independence and its 2016 decision to buy SolarCity, a money-losing solar power company backed by Mr Musk and led by his cousin.
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