Tesla's board of directors has responded to proxy advisory firm ISS, which recently urged investors to vote against ratifying Elon Musk's 2018 pay package ahead of Tesla's upcoming annual shareholders meeting. In a four-page letter, Tesla's board argues that ISS came to the "wrong conclusion" about what ratifying Musk's compensation package entails and made incorrect claims recommending shareholders vote against it. ISS said Musk's $56 billion compensation package was "excessive," it's unclear if it will increase his focus on Tesla, but Tesla's board disagrees with this assessment.
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00:00 It's Benzinga and here's what's on the block.
00:03 Tesla's board of directors has responded to proxy advisory firm ISS which recently urged
00:07 investors to vote against ratifying Elon Musk's 2018 pay package ahead of Tesla's upcoming
00:13 annual shareholders meeting.
00:15 In a four-page letter, Tesla's board argues that ISS came to the wrong conclusion about
00:19 what ratifying Musk's compensation package entails and made incorrect claims in recommending
00:24 shareholders vote against it.
00:26 ISS said Musk's $56 billion compensation package was excessive and it's unclear if it will
00:32 increase his focus on Tesla, but Tesla's board disagrees with this assessment.
00:36 For all things money, visit Benzinga.com.
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