Pirc, an influential adviser to shareholders, including the UK’s local authority pension funds, on Tuesday recommended that investors voted against Tesla’s executive pay deal because it “unfairly enriches the chief executive”. As part of the settlement with the SEC Musk was forced to give up his position as Tesla’s chairman. Mr Musk and Tesla settled these claims with the SEC, paying $40m, causing financial damage”. Pirc’s shareholder report also raised concerns about Musk’s tweets in opposition to Covid-19 lockdown measures. Pirc said she should step down because of her role overseeing Musk’s pay award as independent non-executive chair and as a member of the remuneration committee.

Source: The Guardian June 30, 2020 20:22 UTC