00:00 It's Benzinga and here's what's on the block.
00:02 Tesla faces investor pushback on reinstating Elon Musk's $55 billion pay package,
00:07 which involves stock options tied to hitting company milestones.
00:11 CalPERS, the largest U.S. public pension fund and one of Tesla's top 30 investors,
00:15 plans to vote against the proposal, saying the compensation is not commensurate with company
00:19 performance. Other proxy advisory firms and groups of shareholders have also publicly said they will
00:24 vote against the pay package. Tesla argues the pay plan is critical to the company's future
00:29 success and has promoted it heavily. The shareholder vote on Musk's pay and other
00:33 board proposals will take place at Tesla's annual meeting on June 13.
00:37 For all things money, visit Benzinga.com
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