THE LAGOS STATE WASTEWATER MANAGEMENT OFFICE (LSWMO), YESTERDAY, SEALED OFF SOME BUILDINGS/PROPERTIES ACROSS THE STATE OVER DIFFERENT ENVIRONMENTAL INFRACTIONS.(PHOTO). #PRESS RELEASE
Tesla Board Chair Robyn Denholm urged shareholders Monday to approve CEO Elon Musk’s proposed nearly $1 trillion compensation plan ahead of the company’s annual meeting, warning that failing to do so could put the company’s future at risk. Denholm described Musk as critical to Tesla’s evolution beyond a conventional automaker, emphasizing his role in the company’s push into Full Self Driving technology and the development of Optimus robots.
In a letter to shareholders, Denholm wrote that without Musk, Tesla could lose substantial value as the market may no longer recognize the company’s long-term potential. The plan, which consists of 12 tranches of shares tied to performance milestones, would also boost Musk’s voting power, increasing his stake from about 13% to roughly 25%. Critics, including proxy advisor Institutional Shareholder Services and a coalition of unions and corporate watchdogs, have voiced opposition, citing Musk’s political affiliations and controversial statements. Tesla’s shareholder vote closes Nov. 5, with the annual meeting scheduled for Nov. 6.
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