Robyn Denholm, chair of Tesla's board of directors, discusses the board's perspective on Elon Musk's potential $1 trillion pay package, which she says is about the performance and the goals rather than compensation.

Tesla board chair Robyn Denholm has responded to questions regarding Elon Musk's proposed pay package, which could reach as much as $1 trillion if all performance milestones are met. Denholm highlighted that the compensation plan is strictly performance-based, meaning Musk receives nothing unless he achieves the set goals outlined by the board.

Investor feedback has included concerns about the size of the package, with some proxy advisory firms expressing disagreement with its structure. Denholm reiterated the board's focus on engaging with both institutional and retail investors to ensure transparency and understanding of the plan, emphasizing that the package is about achieving company goals rather than mere compensation.

Musk pay deal is about performance and goals, Denholm says

what thus far has been the response been to this pay package that could see Elon paid as much as $1 trillion, Robyn? Well, thank you for having me today. Yes, as part of our annual shareholder meeting, I meet with the top investors in Tesla on the institutional side and obviously also talk to retail investors through forums like this this morning to encourage everybody to vote, but also to answer any questions that they have. From a board perspective, we really like to engage with our shareholders, understand their questions, their concerns, their optimism for the future. And so it's a really important part of the process we go through on a quarterly basis, but also with the proxy on an annual basis as well. So, the initial feedback, is it one of optimism around the pay package? We've heard from Glass-Lewis, from ISS, which have said they're not in agreement with the way in which the pay package is thus formed. The key concern seems to be the sheer amount of money going to Elon Musk if indeed he achieves all of those key milestones. But for you it's about, and for Elon, influence it seems like. So, how are you managing to discuss that with the investors, institutional and retail? Yes. So, firstly, it is a performance package. So, he gets nothing if he doesn't perform against the pretty audacious milestones that are part of the performance criteria that's been outlined by the board in the performance package. So, I think rather than compensation, it's actually about the performance and the goals that we have for the company as we move forward. And so, for me, it really is about making sure that investors understand that, that they actually get paid if he hits the milestone before he will. But to your point, it is about voting influence. Elon's been very public, including on last week's earnings call, about the fact that it's around the voting influence that he could have in future shareholder meetings, as opposed to the economic interests of the shares that he would get as part of the performance plan.

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