Top Tesla investor Scottish Mortgage Investment Trust backs Musk’s £44bn pay package
Scottish Mortgage Investment Trust is set to back Elon Musk’s £44billion pay package next month.
Tom Slater, who manages the £14.1billion trust, said he believes the award should be paid after it was agreed in 2018.
As one of Tesla’s longest-standing investors, it is a vote of confidence for Musk as he faces a potential backlash at the car company’s annual meeting on June 13.
‘We agreed the remuneration because it introduced extremely stretching targets that would make a huge amount for shareholders if they were reached,’ Slater told the Financial Times.
In January, a Delaware court ruled Tesla’s board had not acted in investor’s interests when agreeing the deal.
Shareholders now vote again on the plan next month. Eight investors are calling for others to strike down the pay.
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