The California Public Employees Retirement System (Calpers), the largest state pension plan in the United States and owner of about 5 million Tesla shares, plans to vote against Elon Musk’s $1 trillion compensation, Bloomberg reports .
“Tesla’s CEO compensation package is orders of magnitude higher than CEO compensation packages at comparable companies,” Drew Hambly, Calpers’ global equity investment director, said in an email. “It will also further concentrate power in the hands of a single shareholder.”
Musk has been aggressively promoting his compensation package ahead of Tesla’s annual shareholder meeting, scheduled for Nov. 6. The world’s richest man , with a net worth of more than $500 billion, urged investors to approve the plan during the company’s earnings conference call this month and criticized shareholder advisory firms that opposed it.
Tesla’s $1 trillion compensation deal includes a 10-year plan that would require Musk to meet certain goals, but even just a few simple tasks could earn him tens of billions of dollars. Calpers also previously voted against Musk’s $56 billion pay package.
As a reminder, a previous report by the National Bureau of Economic Research showed that Elon Musk’s political activism is negatively affecting the brand’s image and has already cost Tesla millions in lost sales.
