"The SBA supported Tesla's 2018 performance award proposal and reaffirmed that support in the 2024 Tesla shareowner vote. The total return on Tesla's stock after enactment of its 2018 performance award and the prior history of incentive structured plans leads us to strongly support the proposed 2025 CEO performance award. We believe the proposed award continues to promote an aggressive strategy to align incentives between management and shareowners and focuses solely on pecuniary factors and long-term shareowner value creation."
"Tesla gained a massive vote of confidence on its proposed $1 trillion compensation plan for CEO Elon Musk from the State Board of Administration of Florida (SBA) on Monday. On Monday, the SBA submitted a filing to the Securities and Exchange Commission (SEC) stating that it would vote to support Musk's compensation plan, just as it did with the 2018 performance award and its second vote last year:"
The State Board of Administration of Florida filed with the SEC to support Elon Musk's proposed 2025 CEO performance award, citing the positive total return after the 2018 award and prior incentive plan history. The SBA characterized the proposed award as promoting aggressive alignment of incentives between management and shareowners and focusing on pecuniary factors and long-term shareowner value creation. The SBA stance represents a major institutional endorsement amid opposition from proxy advisors ISS and Glass Lewis. Tesla's board and Musk have publicly defended the plan, and Musk criticized proxy advisors during the company's earnings call.
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