Proxy adviser ISS has counselled Tesla shareholders to vote against Elon Musk’s $56bn pay award but supported a proposal to reincorporate the electric-car maker in Texas, in a mixed result for the board ahead of its annual meeting next month.
“Although the achievement of the grant’s performance hurdles and the substantial growth in the company’s size and profitability are fully recognised, the award value was considered outsized from the start,” ISS said in a report on Thursday.
The advice echoes that of proxy peer Glass Lewis, which said the chief executive’s package of share options — the largest in US corporate history — was an “excessive size” last week.
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