ISS urges vote against Elon Musk’s $1 trillion Tesla pay plan

Tesla’s proposed $1 trillion pay package for CEO Elon Musk came under fresh scrutiny on Friday, with proxy adviser ISS urging shareholders to reject what might be the largest-ever compensation plan awarded to a company chief

- CORRESPONDENT WASHINGTON

This is the second consecutive year that Institutional Shareholder Services has urged investors to reject acompensation plan for Musk. Proxy advisers often sway major institutional investors, including the passive funds that hold large stakes in Tesla.

The ISS recommendation adds pressure on Tesla’s board ahead of a closely watched November 6shareholder meeting and renews scrutiny of Musk’s compensation aftera Delaware court earlier voided his $56 billion pay package.

Musk’s record Tesla pay plan could still hand him tens of billions of dollars even if he falls short of most of its ambitious targets, however, thanks to a structure that rewards partial achievement and soaring share prices.