Tesla plan to re-run vote on Elon Musk's record pay deal—now worth $45bn—has a fatal flaw, warns Tulane law professor [Fortune]
Tesla, Inc. (TSLA)
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Source: Fortune
On Wednesday, the company urged investors to “restore Tesla's stockholder democracy” by ratifying in June the 2018 vote that awarded Musk the largest pay package in human history after a Delaware court ruled the approval from six years ago null and void over governance failings. By framing it as a moral obligation to ensure Musk gets what he had already earned rather than illustrating exactly how it will benefit the company, however, Tulane's Ann Lipton told CNBC this re-run could end up backfiring on Tesla. U.S. corporations do not exist to be fair to their CEO, but rather to enrich their shareholders. “They don't actually have to pay him for past work, and that's exactly the issue,” Lipton said on Wednesday. “That kind of generosity that is unnecessary could easily be considered waste, legally, and therefore can only be approved by a unanimous shareholder vote.” In other words, awarding him a $45 billion comp deal—down from $56 billion previously due to the drop in Tesla's sh
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