Tesco under fire over CEO’s £10m pay as Elon Musk celebrates $45bn deal approval – business live | Business

“Once again, Tesla has chosen to bypass shareholder concerns at this year’s annual general meeting (AGM). Although Tulipshare did not secure majority shareholder support for our proposal to link CEO Elon Musk’s pay package to the company’s environmental, social, and governance (ESG) performance, we remain committed to our engagement with Tesla.

“As a shareholder, I am deeply concerned that Musk’s compensation package has been reinstated. I see this move as shortsighted and one that will have detrimental consequences for Tesla’s future. It is imperative for the longevity of the company that Musk’s compensation be tied not only to financial performance indicators but also to ESG metrics, as our resolution suggested. Tesla’s future cannot be predicated on Musk’s erratic behavior and decision-making alone; there must be safeguards put in place to ensure the company’s long term financial stability and sustainability efforts. Musk should not be rewarded for declining earnings. Tesla’s situation has changed from 2018 and the CEO’s compensation package must reflect that.

“Tesla’s poor handling of environmental, social, and governance issues has attracted notable criticism in recent years. In 2021, the National Labor Relations Board revealed that Tesla violated federal labor laws by terminating a union activist. Dozens of workers have also sued the company, alleging that Tesla enables a culture of racism and sexual harassment. Furthermore, Tesla has been battling allegations of child labor in its supply chains for years, as well as alleged improper hazardous waste handling, poor right to repair policies and its failure to develop a low-carbon strategy.