DETROIT (AP) — Tesla will ask shareholders to reinstate a $56 billion compensation package for CEO Elon Musk that was rejected by a judge in Delaware this year, and to move the electric car maker’s corporate home from Delaware to Texas. In a filing with federal regulators early Wednesday, the company said it would ask shareholders to vote on both issues during its annual meeting on June 13. In January, Chancellor Kathaleen St. Jude McCormick ruled that Musk is not entitled to a landmark compensation package awarded by Tesla’s board of directors that is potentially worth about $55.8 billion over 10 years starting in 2018. Five years ago, a Tesla shareholder lawsuit alleged that the pay package should be voided because it was dictated by Musk and was the product of sham negotiations with directors who were not independent of him. |
Changes to tenancy laws to come into force next yearAt least 5 dead, 27 injured after fire in Hong Kong buildingFears Shortland Street axing by TVNZ would silence a 'unique voice'Wild weather: What to expect this weekendVOX POPULI: Being an adult should be about more than what we can achieveExplore Taiwan's Treasure Hill Artist VillageNorthern Irish political leader Jeffrey Donaldson quits over charges of historical sex offencesChina updates: Chinese military holds largeBNDES to chair D20, group of major development banksAs it happened: Rain lashes North and South Islands