Fortune | FORTUNE 10月24日 04:35
马斯克称代理投票顾问为“企业恐怖分子”,质疑其影响力
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在特斯拉的财报电话会议上,埃隆·马斯克将推动股东否决他巨额薪酬方案的代理投票咨询公司称为“企业恐怖分子”。他认为,像ISS和Glass Lewis这样的公司缺乏对公司运营的真正理解,却拥有过大的影响力,尤其是在被动投资者中。马斯克认为,这些公司不应在没有实际所有权的情况下,基于与股东利益无关的政治因素来投票。虽然这些公司仅提供建议,最终投票权掌握在大型机构投资者手中,但马斯克对此表示担忧,并强调他需要更大的股权比例来实现其在特斯拉的长期目标,包括大幅提升公司市值。

🚀 马斯克将代理投票咨询公司ISS和Glass Lewis称为“企业恐怖分子”,认为它们对公司缺乏了解却拥有过大的影响力。他尤其担忧这些公司在被动投资者中发挥的作用,因为这些投资者因持有客户股份而拥有强大的投票权。

⚖️ 马斯克质疑代理投票咨询公司的独立性和公平性,指出它们通常不持有实际股份,并且其投票建议可能基于与股东利益无关的政治因素。他认为这是一个普遍存在的问题,不仅仅局限于特斯拉。

📊 尽管ISS和Glass Lewis仅提供投票建议,最终决策权在于如BlackRock、Vanguard等大型机构投资者,这些投资者会进行独立的研究。然而,这些咨询公司曾两次建议否决马斯克的2018年薪酬方案,但最终仍被股东批准,显示了其建议的潜在影响力和公司内部的复杂博弈。

💰 马斯克认为,为了实现他在特斯拉的宏伟目标(包括将市值提升至8.5万亿美元),他需要拥有大约20%中段的股权。此次争议的薪酬方案如果达到业绩指标,将在10年内为他带来约1万亿美元的回报,但ISS和Glass Lewis对其规模和可能造成的股东稀释表示担忧,认为其“前所未有”。

Elon Musk stole the show in the final minutes of Tesla’s Wednesday earnings call to label the advisory firms pushing shareholders to reject his $1 trillion pay package “corporate terrorists.”

After months of being relatively quiet following his resignation from the Department of Government Efficiency and subsequent fallout with President Donald Trump, Musk slammed proxy advisory firms Institutional Shareholder Services (ISS) and Glass Lewis.

“I just don’t feel comfortable building a robot army here and then being ousted because of some asinine recommendations from ISS and Glass Lewis, who have no freaking clue,” Musk said. “I mean, those guys are corporate terrorists.”

Musk, in a separate X post on Wednesday, also called into question the role of proxy advisory firms generally. The Tesla CEO echoed criticism by ARK Invest CEO Cathie Wood by saying these firms, which issue recommendations to shareholders for how they should vote on proposals at public companies’ annual shareholder meetings, have too much sway—especially with passive investors like index funds that have large voting power because of the shares they hold for clients.

“ISS and Glass Lewis have no actual ownership themselves and often vote along random political lines unrelated to shareholder interests! This is a major problem that is not just limited to Tesla,” Musk wrote on X.

However, advisory firms do not vote directly in annual shareholder meetings and merely recommend positions that are also individually analyzed by some of the biggest institutional investors, including BlackRock, Vanguard, and State Street, which do their own in-house research. Both ISS and Glass Lewis twice recommended voters reject Musk’s previous 2018 pay package. Shareholders ultimately approved the package twice.

A spokesperson for Glass Lewis told Fortune in a statement its job is to provide analysis and recommendations to its clients. 

“Those that are Tesla shareholders will ultimately make their own decisions about Mr. Musk’s pay proposal and the Board directors that put it forward for shareholder vote,” the statement read.

ISS declined to comment. Tesla did not immediately respond to a request for comment.

Musk, who has a net worth of $455 billion, said he needs an ownership stake “in the mid-20s approximately” to achieve his goals at Tesla. The pay package in question would give Musk about $1 trillion over 10 years if he meets performance metrics, one of which includes boosting the company’s market cap more than 500% to $8.5 trillion. 

ISS and Glass Lewis both issued reports earlier this month questioning Musk’s pay package, in part because of the package’s size and because it would dilute existing shareholders’ holdings. 

While Tesla claimed regular benchmarking doesn’t apply to Musk’s pay because no other company has “remotely similar goals embodied in their compensation programs,” Glass Lewis wrote in the report Musk’s 2025 performance award is “unprecedented” compared to other public companies, and around 33.5x larger than its predecessor from 2018.

“It is clear that the quantum, on a realizable and granted basis, outpaces all other pay packages.”

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Elon Musk Tesla 薪酬方案 代理投票咨询 ISS Glass Lewis 公司治理 Elon Musk Tesla Compensation Package Proxy Advisory Firms ISS Glass Lewis Corporate Governance
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