Overview
- Shareholders will decide on Nov. 6 whether to approve a performance-based package potentially worth up to $1 trillion over the next decade, with proxy ballots due by 11:59 p.m. ET on Nov. 5.
- Board chair Robyn Denholm says there is a high probability Elon Musk would step back or leave if the proposal fails, citing direct conversations with him.
- Denholm says Tesla would likely choose a CEO successor from inside the company if necessary, while declining to identify candidates.
- ISS and Glass Lewis recommend voting against the plan, labor unions and Democratic state officials are campaigning to block it, and supporters include Florida’s state board and ARK Invest’s Cathie Wood.
- The board is lobbying major institutions such as Vanguard, BlackRock, and State Street and is urging shareholders to re-elect directors Ira, Kathleen, and Joe for governance continuity.