Maryland’s SRPS to vote against Tesla’s proposed compensation package for Musk

Maryland State Treasurer Dereck Davis and Comptroller Brooke E. Lierman announced that the Maryland State Retirement and Pension System, which oversees investments for more than 400,000 current and retired state and local government employees, teachers, public safety officers and other public servants in Maryland, will vote against Tesla’s (TSLA) proposed one trillion dollar compensation package for CEO Elon Musk at Tesla’s upcoming shareholder meeting. The SRPS holds shares in publicly traded companies such as Tesla, giving the Board the right to vote on shareholder resolutions, including executive compensation packages, through the proxy voting process. In line with the System’s fiduciary and investment policies, Maryland’s proxy vote against Tesla’s proposed CEO pay package will be cast at the company’s upcoming shareholder meeting. “The System’s vote reflects our fiduciary responsibility to Maryland’s retirees,” said Treasurer Dereck E. Davis. “Given the scale and structure of the compensation plan before us, we cannot support a package that promotes excess over accountability and prudent investment.”