Tesla bosses combat handy Musk £44bn pay package deal
- Denholm trying to convince shareholders to support billionaire’s pay package
Tesla’s chairman has dismissed as ‘c**p’ claims she is too close to Elon Musk as his £44billion pay deal hangs in the balance.
Robyn Denholm is trying to convince shareholders to support the billionaire’s pay package after a Delaware court struck it down in January.
The court found that Musk’s compensation as Tesla chief executive was inappropriately set by the company’s board.
Kathaleen McCormick, from Delaware’s Court of Chancery, said Musk controlled the board through his personality and influence – meaning that his pay package could not be set through a fair process.
Denholm, who has been chairman since 2018, was also accused of a ‘lackadaisical approach to her oversight obligations’.
Big bucks: The pay deal, which was set in 2018, was the biggest ever in US corporate history
But she is battling to convince investors ahead of Tesla’s annual meeting on June 13 to vote in favour of the pay package. She argues that the bumper payout is critical to the electric car maker’s future growth.
Denholm, 60, told the Financial Times: ‘The vote’s pretty important for us as a company, but I also think it’s important for corporate America as well.’
She also dismissed the court’s findings about her relationship with Musk as ‘absolute BS’ and ‘c**p’.
The pay deal, which was set in 2018, was the biggest ever in US corporate history.
