By Jim Turner | News Service of Florida
TALLAHASSEE --- The State Board of Administration, which oversees Florida’s pension plan and other investments, is backing Tesla CEO Elon Musk’s proposed massive compensation package.
“We believe the proposed award continues to promote an aggressive strategy to align incentives between management and shareowners and focuses solely on pecuniary factors and long-term shareowner value creation,” the State Board of Administration said in a document filed at the U.S. Securities and Exchange Commission.
The document said “performance-based CEO compensation plans have consistently driven extraordinary shareowner value.”
Shareholders will vote Nov. 6 on Musk’s 2025 CEO performance award.
The $1 trillion stock-based plan was approved by the Tesla board in September.
The State Board of Administration owns about $1.23 billion of Tesla stock as part of a more than $280 billion portfolio.
Musk, who has been critical of people opposing the pay package, responded to the Florida agency by saying on his social-media site X: “Much appreciated!”