Facebook Linked In Twitter
GAP Vassilopoulos

Kostrikis: In Three Weeks We Should Return To Pre-Outbreak Epidemiological Levels

Talks On ‘Yishai’ Gas Field On Track Says Cypriot Energy Minister



brought to you by CIPA

Tesla Shareholders Urged To Vote Elon Musk Out Over His $55bn Executive Bonus

Tesla Shareholders Urged To Vote Elon Musk Out Over His $55bn Executive Bonus

Tesla investors are being urged to vote to remove Elon Musk, the electric vehicle company’s founder and chief executive, from the board of the firm as anger mounts over his bonus deal that could pay him a record $55.8bn (£40bn), The Guardian reported.


Pirc, an influential adviser to shareholders, including the UK’s local authority pension funds, on Tuesday recommended that investors voted against Tesla’s executive pay deal because it “unfairly enriches the chief executive”.


Pirc said the deal had exposed the company to a lawsuit, alleging that: “The board, including CEO Elon Musk, awarded themselves excessive compensation packages over a three-year period that allegedly allowed directors to ‘enrich themselves at the company’s expense’.”


The shareholder adviser called on investors to vote against re-electing Musk to the board because of the pay deal, and warned he posed “a serious risk of reputational harm to the company and its shareholders”.


Pirc said Musk’s frequent controversial outbursts on Twitter had cost Tesla millions of dollars in settlements and also represented an “unnecessary reputational risk to the company”.


Last year Musk was sued for $190m in defamation damages over derogatory tweets about the British caver Vernon Unsworth, who was helping to rescue 13 people trapped in a Thai cave. A jury found the tweets did not reach the legal standard for defamation, and Musk was not found liable for damages.


In 2018 the US Securities and Exchange (SEC) regulator fined both Musk and Tesla $20m over the chief executive’s tweets that he planned to take the company private at a substantial premium to the share price, causing the stock price to surge. As part of the settlement with the SEC Musk was forced to give up his position as Tesla’s chairman.


The SEC ruled: “In truth, Musk knew that the potential transaction was uncertain and subject to numerous contingencies. Musk had not discussed specific deal terms, including price, with any potential financing partners, and his statements about the possible transaction lacked an adequate basis in fact.”


Pirc said the episode had “prompted accusations of stock market abuse, with the SEC alleging that Musk had lied to investors. Mr Musk and Tesla settled these claims with the SEC, paying $40m, causing financial damage”.


Pirc’s shareholder report also raised concerns about Musk’s tweets in opposition to Covid-19 lockdown measures. “Mr Musk has been a vocal opponent of the Covid-19 quarantine, and reportedly required workers to return to work during quarantine, without sufficient precautions/protections and despite protests from workers,” Pirc said. “This concern is furthered as it has also been reported that multiple Tesla employees have tested positive for Covid-19 since returning to work.”


Investors were also urged to vote against re-electing Robyn Denholm as Tesla’s chair. She succeeded Musk when he was forced to step down in November 2018. Pirc said she should step down because of her role overseeing Musk’s pay award as independent non-executive chair and as a member of the remuneration committee.


Tesla’s annual general meeting was due to take place on 7 July, but the company on Sunday delayed the vote until September.


EU Secures Treatment Doses Of Veklury For COVID-19

In a press release, the EU announced today that a contract has been signed with the ...

Tesla Growth Continues Despite Economic Upheaval

Electric car maker Tesla has shrugged off the economic upheaval caused by the pandemic to ...

Uber Drivers To Launch Legal Bid Against App Over Data Use

Minicab drivers will launch a legal bid to uncover secret computer algorithms used by ...



The Legal Profession Under The Microscope

The 2nd Cyprus Legal Conference, organized online by IMH, takes place on Wednesday 9 September, 2020 at 16:00. The Conference will host speakers from Cyrus and ...

Minthis Property Collection And The Design Diversity

Pafilia is always at the forefront of innovation in the real estate market thanks to its visionary approach and the determination to push boundaries. With the ...

Cyprus, France to Boost Defense Ties Under Cooperation Deal

A Defence Cooperation Agreement between Cyprus and France has entered into force on August 1. With the agreement the two countries` cooperation in the fields ...

Leondios Kostrikis: In Three Weeks We Should Return To Pre-Outbreak Epidemiological Levels

The virus that causes COVID-19 has become more adaptable, Dr. Leondios Kostrikis, Professor of Molecular Biology at the Department of Biological Sciences of ...

Talks On ‘Yishai’ Gas Field On Track Says Cypriot Energy Minister

Cyprus-Israel talks seem to be on the right track regarding Israeli "Yishai" gas field adjacent to Cyprus’ "Aphrodite" field, as ...

New Book By Blair Sheppard, Global Leader For Strategy & Leadership Of The PwC Network

The new book by PwC's Global Leader for Strategy and Leadership, Blair Sheppard entitled “TEN YEARS TO MIDNIGHT: Four Urgent Global Crises and Their ...

EC Opens Investigation Into Proposed Acquisition Of Fitbit By Google

In a press release, the European Commission announced yesterday it has opened an in-depth investigation to assess the proposed acquisition of Fitbit by Google ...

The 4th Project Management Conference: Digital Edition

The Project Management Institute (PMI) Cyprus Chapter is organising the 4th Project Management Conference on 26 November 2020, from 15:00 to 17:00. ...