Judge Kathleen McCormick upheld her earlier ruling that Tesla's board was overly influenced by Elon Musk, leading to the rejection of his record $56 billion pay package.
Despite a 75% approval vote from shareholders, Judge McCormick determined the pay package to be excessive, stating that even shareholder votes cannot excuse such large sums.
In her judgement, McCormick emphasized the need for fairness in executive compensation, highlighting that Tesla failed to demonstrate the pay package's reasonableness.
The court's decision means that, while Tesla and Musk can appeal, they must grapple with the judge's strong objections to the pay package's fairness.
Collection
[
|
...
]