An approval trial has officially approved an agreement in a case presented through the Tesla shareholders opposite to the members of the Board who will now have to return shares, money and renounce the inventory characteristics of a general value of approximately $ 1 one billion.
Let me start this article with a quote from Tesla CEO Elon Musk:
Tesla will never solve a case in which we are in him and will never challenge a case in which we have made a mistake.
Today, Foreign Minister Kathaleen McCormick approved an agreement of Agreement between Tesla and all the members of its Board from 2017 to 2020 and the police and fire retirement system of the city of Detroit on behalf of the Tesla shareholders on what the Shareholders saw as a superior compensation.
The agreement reported for the first time in July 2023, but only officially approves and informed us some more details.
Shareholders believed that Tesla’s board members were overpaying themselves with a lot of millions of dollars between 2017 and 2020 when the average reimbursement of a board member of an S company
Under the agreement, board members agree to roll back $277 million in money to Tesla, $459 million in inventory functions, and forgo $184 million in inventory functions awarded for 2021-2023.
That increases to almost one billion dollars.
The board members include Kimbal Musk, Elon’s brother, Brad Buss, Ira Ehrenpreis, Antonio Gracias, Stephen Jurvetson, all close friends of Elon Musk and people who have financial dealings with Musk outside of Tesla, Linda Johnson Rice, Kathleen Wilson-Thompson, Hiromichi Mizuno and Larry Ellison, the co-founder of Oracle Corp and also a close friend of Musk.
Even if the Tesla price is motivated through incredibly talented control team, and even if you believe that the team deserves a disproportionate refund, the Board of Administrators has little / nothing to do with the operational activities that stimulate the fortune Intelligent of the company. Taking care of an audit committee is not a vital role in the evaluation of the company. In fact, I could say that the Nikola Board of Administrators deserves great dollars! After all, they were exposed to the duty of Trevor Milton and guilty for looking for a CEO that constantly lied and deceives shareholders, regulators and the public and made ridiculous statements about the capabilities of their product and shivering . . . Example intelligent. You understand the point. Forums are not so much price.
As a component of the agreement, Tesla or the Board of Administrators admit any irregularity.
Musk did not receive reimbursement within the board of the Board of Directors, however, he worries in a similar case in his own CEO reimburse Smart Faith.
The members of the Board won this “excessive compensation” also proved to be the one who “negotiated” the remuneration package for the CEO of Musk.
The case heads to the Delaware Supreme Court, as stated earlier in the day.
Fred is editor -in -chief and major at Electk.
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