Tesla board chairman calls proxy advisory firm’s criticism of Elon Musk’s $1 trillion pay ‘misguided recommendations’; writes open letter to shareholders

Tesla board chairperson Robyn Denholm has written an open letter to shareholders describing proxy advisory firms – ISS and Glass Lewis’ criticism of Elon Musk ’s pay package as ‘misguided recommendations’. Shared by Tesla on X, the letter says that these companies are “fundamentally unable to evaluate companies, like Tesla, that chart their own course and challenge the status quo. ” Denholm urged shareholders to ignore ISS’s and Glass Lewis’s advice for this year’s Annual Meeting which is scheduled for November 8. In the letter, he clarifies that Musk’s $1 trillion pay is a ‘performance incentive award’ which is “contingent on delivering products that support Elon’s vision for Sustainable Abundance, addresses shareholder concerns regarding retention and long-term succession, and ultim