Elon Musk received a $56bn pay package and despite initial criticisms the shareholders supported the decision of the company.
Shareholders also accepted decisions to change Tesla’s legal domicile to Texas, and re-elected Kimbal Musk and James Murdoch to the board.
Two changes that the board was against; including reducing the board terms of office to one year and bringing down the voting threshold for proposals, were approved.
Musk stressed on positive sentiments and assurance during the meeting stating that he always gets the job done.
While many institutional shareholders voted against the Musk’s pay structure, the retail investors were extremely supportive of the plan.
The approval shows that Musk has backing from Tesla’s retail investor base, which covers a large part of its shareholders.
However, Musk’s pay package is still under lawsuits, a Delaware judge had recently declared it as unlawful and with new lawsuits on the possibility.
It show approval of shareholders as they continue to back Musk in his leadership and direction of the company despite concerns of dual CEO and lack of focus due to other companies.