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Vanguard vote switch helped pass Tesla CEO's $56 billion pay package. My opinion of Vanguard just tanked.
https://www.reuters.com/business/autos-transportation/vanguard-vote-switch-helped-pass-tesla-ceo-elon-musks-56-billion-pay-package-2024-06-14/June 14 (Reuters) - Tesla's (TSLA.O), largest outside investor Vanguard said it voted in favor of CEO Elon Musk's $56 billion pay package, citing the company's performance, contributing to the passage of the record-setting arrangement on Thursday.
In a note seen by Reuters, Vanguard said it had voted against Musk's compensation package when it was first approved by shareholders in 2018 because of its potential size, which might not have been justified by performance.
But "given the strong alignment of executive pay with shareholder returns since 2018 and the benefits the board asserted related to the motivational value for the CEO in preserving the original deal," Vanguard-advised funds voted for the ratification at Tesla's annual meeting, according to the note.
In a note seen by Reuters, Vanguard said it had voted against Musk's compensation package when it was first approved by shareholders in 2018 because of its potential size, which might not have been justified by performance.
But "given the strong alignment of executive pay with shareholder returns since 2018 and the benefits the board asserted related to the motivational value for the CEO in preserving the original deal," Vanguard-advised funds voted for the ratification at Tesla's annual meeting, according to the note.
2018 is so 2018! The Titanic sailed just great until it .... well, you know ...
It peaked at 402.83 in 2021 and has been downhill since then. That's about 3 years of decline, with a market turning towards hybrids, in general decline, and increasing competition, so much so that Chinese cars are embargoed.
Vanguard, famous for low overhead?
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