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CalPERS To Vote Against Tesla CEO’s Multibillion-Dollar Pay Package

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CalPERS today announced that it will again vote against a multibillion-dollar compensation package that Tesla proposes to give its chief executive officer at the company’s annual meeting on June 13. The package would allow Elon Musk to buy 304 million shares of Tesla stock at its 2018 value, which is currently valued at approximately $46 billion. CalPERS also opposed the deal when shareholders approved the measure in 2018.

“This exorbitant compensation package is at odds with CalPERS’ longstanding views on executive pay,” said CalPERS CEO Marcie Frost. “The compensation is excessive when compared to executives at peer companies, highly dilutive to shareholders, and isn’t tied to the long-term profitability of Tesla.”

More details can be found in our news release.