CalPERS CEO Frost is running against Elon Musk. CalPERS, the largest government public pension fund in the US, plans to vote against a proposed $56 billion pay package for Tesla CEO Elon Musk. California Public Employees Retirement System CEO Marcy Frost said in an interview with CNBC on Wednesday, “As of today, other than the conversations we’ve had with Tesla so far, we would not vote in favor of that proposal. We believe the compensation is commensurate with the company’s performance.” “
Frost’s statement adds to the resistance to the controversial salary proposal. It was endorsed by CalPERS when it was originally drafted in 2018.
This too against Elon Musk
Shareholder adviser Glass Lewis & Co. also urged Tesla investors to reject the package, citing its “larger size” and weaker impact on the exercise. CalPERS owns about 95 million shares of electric vehicle maker Tesla, according to data compiled by Bloomberg. He is one of the 30 largest investors.
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Musk criticized Frost’s comments in a post on his social media platform X, saying the pension fund was “breaking its word.” “What she’s saying doesn’t make sense because all the contracts are done,” Musk said.
Musk’s open threat
Let me tell you, earlier this year, a Delaware judge threw out Musk’s 2018 salary deal, saying investors didn’t know the full details. Tesla’s board is putting it up for a vote again at its annual shareholder meeting on June 13. If it is rejected, Musk will develop some products outside of Tesla. This is Musk’s open threat.