Skip to main content

Musk’s legal battle for his $56bn goes on. Tesla’s board still looks supine | Nils Pratley

The craven stance of Tesla’s board should not be lost in the legal back-and-forth

The first time around, judge Kathaleen McCormick of the Delaware court of chancery got it right. The $56bn pay package awarded by Tesla to Elon Musk in 2018 was indeed a governance abomination, a stitch-up in which ordinary shareholders weren’t told about the “deeply flawed” process whereby a “superstar ceo” secured wildly over-the-top terms from pliant directors.

Her closely argued ruling in January spelt it out in persuasive detail. The company had “inaccurately described key directors as independent and misleadingly omitted details about the process”. Ira Ehrenpreis, the lead director negotiating for Tesla, had a 15-year business relationship with Musk. Another member of the working group regularly went on holiday with Musk’s family. A third was the company’s general counsel and Musk’s former divorce lawyer.

Continue reading...

from The Guardian https://ift.tt/wb9eijN
Labels:

Comments

Post a Comment

Popular posts from this blog

How Rico Lewis helped harden up Manchester City’s treble challenge | Jamie Jackson

Guardiola believes advent of the teenage talent sowed seeds of change that turned his side into champions again Mid-January, the Etihad Campus. Before Tottenham’s visit a discontented Pep Guardiola is addressing a Manchester City team meeting that includes Erling Haaland, Kevin De Bruyne, John Stones and Ederson. The champions are in second place, eight points behind Arsenal, each having played 18 games. Performances have dipped and so has the attitude of his players. The final match before the World Cup was a 2-1 home defeat by Brentford . Since the tournament, City have beaten Leeds and Chelsea, drawn with Everton and lost their previous outing , 2-1 at Manchester United. Seven points from 15 is not championship-defending form and, when being knocked out of the Carabao Cup by Southampton is factored in, Guardiola can see City’s campaign derailing. Continue reading... from The Guardian https://ift.tt/h8WjbMX
Post a Comment
Read more

JD Vance says US needs control of Greenland to fend off China and Russia

Vice-president criticises Denmark’s treatment of Arctic island and says it should come under US ‘security umbrella’ JD Vance told troops in Greenland that the US has to gain control of the Arctic island to stop the threat of China and Russia as he doubled down on criticising Denmark, which he said “have not done a good job”. Under increasingly strained relations between the White House and Greenland and Denmark, the US vice-president said during a visit to Pituffik space base on Friday: “Our message to Denmark is very simple: You have not done a good job by the people of Greenland. You have underinvested in the people of Greenland and you have underinvested in the security architecture of this incredible, beautiful landmass.” Continue reading... from The Guardian https://ift.tt/ANDJCac
Post a Comment
Read more

Wandsworth escape accused says it was ‘foolish’ to jail him with his ‘skill set’

Daniel Khalife, 23, says he absconded because he was ‘terrified’ of being locked up with dangerous offenders A former British soldier has told a jury he did not hand himself in after he escaped from prison because he was “finally demonstrating what a foolish idea it was” to imprison someone with his “skill set”. Daniel Khalife, 23, told the court he absconded from Wandsworth prison while on remand because he was “terrified” of being locked up with “serious sex offenders” and “terrorists” who wanted to kill him, and that he did not think his imprisonment would be in the public interest. Continue reading... from The Guardian https://ift.tt/vRZHkaw
Post a Comment
Read more