"The most striking moment of Tesla's annual shareholder meeting Thursday wasn't when Elon Musk won a impossible sounding pay package worth nearly $1 trillion. To me, the more illuminating moment was when the gathered crowd of shareholders, many of them wearing Tesla themed gear and grooving out to the company's signature lo-fi beats, booed a proposal by New York State Comptroller Thomas DiNapoli to repeal a new bylaw that essentially makes it impossible for regular shareholders to sue the company."
"Tesla's board recommended against voting for the measure, as they do with nearly every accountability measure proposed over the years. Time and time again, pension fund managers or human rights advocates or even individual investors present shareholders with the opportunity to do the bare minimum to rein in the company's worst excesses, like trying to prevent child labor exploitation in its supply chain or integrate sustainability metrics in executive pay."
Elon Musk secured an almost $1 trillion pay package at Tesla's annual shareholder meeting, propelled by retail shareholder support and Musk's voting control. A crowd of shareholders booed a proposal from New York State Comptroller Thomas DiNapoli to repeal a bylaw that effectively prevents ordinary shareholders from suing the company. Tesla's board consistently recommends against accountability measures, and pension funds, human rights advocates, and individual investors repeatedly see their proposals rejected. Shareholders have often voted to dilute their own holdings and back Musk's vision of "sustainable abundance," promising self-driving cars, household robots, and abundant clean energy despite limited concrete planning.
Read at The Verge
Unable to calculate read time
Collection
[
|
...
]