Elon Musk’s $56 billion pay package is up for a vote again at Tesla (TSLA)’s shareholder meeting this Thursday (June 13), despite it previously being voided by a Delaware court and facing pushback from esteemed proxy advisory firms. If Tesla shareholders approve the package, it will be the largest CEO compensation plan in history and an unprecedented rebuke of the Delaware court system, which oversees two-thirds of Fortune 500 companies incorporated in the tiny mid-Atlantic state. If the package is rejected, however, Musk has threatened to leave Tesla.
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The Delaware Court of Chancery, led by Chancellor Kathaleen McCormick, voided the giant pay package in February over Musk’s significant influence on its creation—information that had been shielded from shareholders when........