Tesla (NASDAQ:TSLA) is actively mobilizing its significant retail investor base to secure approval for CEO Elon Musk's $56 billion compensation deal.
The company’s board has enlisted a strategic adviser and teamed up with an external law firm to spearhead the campaign.
A newly launched "Vote Tesla" website is central to these efforts, designed to maximize shareholder participation.
The platform enables investors to vote through multiple channels, including online, QR code, phone, and mail, and features a persuasive video by board Chair Robyn Denholm.
Denholm emphasizes that backing Musk’s pay package is vital for Tesla’s continued growth.
This initiative comes as Tesla prepares for its annual meeting on June 13, where shareholders will decide on the fate of a 2018 compensation agreement.
The package was previously nullified by a Delaware judge three months ago, who criticized Tesla directors for not adequately protecting investor interests.
Although the upcoming vote is advisory, its outcome is crucial, potentially influencing future leadership dynamics at Tesla.
A favorable vote could counteract the Delaware court's previous objections, whereas a rejection could prove highly detrimental to the board’s stance and Musk’s role within the company.