The vote is seen as a referendum on the limits of executive pay and the accountability of Silicon Valley billionaires.
The Tesla chief executive is taking to his social media company to press shareholders to vote for a critical pay package on June 13.
Investor advisory groups Institutional Shareholder Services and Glass Lewis called UMG’s remuneration report, which details its top executives’ 2023 pay packages, “excessive.”
The company’s directors are asking shareholders to again approve the multibillion-dollar compensation plan and to move the company’s registration to Texas, from Delaware.
The plaintiffs, including Parag Agrawal, the former chief executive, are asking for severance after they lost their jobs during Mr. Musk’s 2022 takeover of the company.
The billionaire said his private rocket company was reincorporating from Delaware, where he recently lost a case over his pay package as head of Tesla.
Robyn Denholm, who has led the electric car company’s board for more than five years, has been criticized for not serving as a check on Mr. Musk.
The company’s board will now decide whether to appeal the decision, change where Tesla is incorporated or negotiate a new pay package.
Shareholders had sued, arguing that Mr. Musk’s compensation — which helped make him the world’s richest person — was excessive.
The union targeted three factories: one run by General Motors, one by Ford and one by Stellantis. Prolonged walkouts could hurt the U.S. economy and President Biden.
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