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My colleague Nick Robins-Early explains:
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However, it is unclear if a court that blocked the deal will accept the re-vote, which is not binding, and allow the company to restore the pay package and move its HQ.
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A Delaware chancery court judge nullified Musk’s pay package in January. Chancellor Kathaleen McCormick ruled that the board’s process of reaching the dollar figure, which she called “unfathomable”, was illegitimate and that Musk’s ties with board members were too extensive for them to be considered independent.
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Today is a red letter day for Tesla, which is asking its shareholders to approve a $56bn (£44bn) compensation package for CEO Elon Musk.
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The package is up for approval, again, after being thrown out by a Delaware judge earlier this year – which has prompted the electric car manufacturer to also seek investor approval to shift its legal base to Texas.
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Tesla has been urging shareholders to back the package – the largest ever granted to an executive at a US-listed company – with chair Robyn Denholm warning that Musk could step back if it was blocked.
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Despite that plea, some major shareholders are opposing the package, including Norges Bank Investment Management, and the California State Teachers’ Retirement System (CalSTRS). And major proxy firms Glass Lewis and Institutional Shareholder Services (ISS) had urged shareholders to reject the pay package.
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Musk, though, has declared this morning that shareholders are voting to approve the package, and the move to Texas, by “wide margins”.
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Rolling out the red heart emoji, he posted:
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“Thanks for your support!!”
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Both Tesla shareholder resolutions are currently passing by wide margins!
♥️♥️ Thanks for your support!! ♥️♥️ pic.twitter.com/udf56VGQdo
— Elon Musk (@elonmusk) June 13, 2024
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The AGM starts at 9.30pm UK time tonight. Reuters points out that shareholders are allowed to change their vote up to the start of the annual meeting….
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The pay package was first agreed by Tesla’s board, and backed by shareholders, in 2018. For Musk to qualify for the money, Tesla had to hit various revenue, profit and share price targets, which were met.
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But back in January, Delaware judge Kathaleen McCormick ruled in favor of a Tesla shareholder who argued that the company’s board inappropriately set the pay package. The judge agreed Musk’s pay package was unnecessary in keeping Musk dedicated to Tesla, an argument that company officers made during the trial.
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Good morning, and welcome to our rolling coverage of business, the financial markets, and the world economy.
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Financial markets are clinging onto hopes of a soft landing after the world’s most powerful central banker hailed a fall in US inflation.
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Under a soft landing, central bankers tame inflation and eventually cut interest rates while avoiding a recession. Sticky price pressures in the US have made this scenario seem less likely, as we’ve moved through 2024.
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But investors are cheered by yesterday’s data showing that US consumer price inflation weakened to 3.3% in May, along with a fall in underlying inflation.
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Federal Reserve chair Jerome Powell bolstered that optimism, telling reporters last night that it was “certainly a better inflation report than almost anybody expected.”
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Powell was speaking after the Fed left US interest rates on hold, at a two-decade high.
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And its latest dot plots showed that Fed officials now expect just one interest rate cut this year, down from three forecast in March. They also expect inflation to be more stubborn this year than they thought in the spring.
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Fed’s Dot Plot:
Projection for just one US rate cut this year despite a very tame CPI reading.
However, the Fed Chair said that many officials were on the fence over a second rate cut, and had just tacked an extra one onto 2025. pic.twitter.com/TTqz6MX5BN
— PowerPoint Guy (@Adi_183) June 13, 2024
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But Powell also hinted that the Fed is ready to cut rates if inflation falls quickly, or if the economy weakened, saying:
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“If the labor market were to weaken unexpectedly or inflation were to fall more quickly than anticipated, we are prepared to respond.”
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This lifted stocks on Wall Street, where the S&P 500 and the Nasdaq Composite closed at record highs for a third straight session.
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Traders are encouraged that the Fed doesn’t see a big slowdown on the horizon, and sanguine that this may mean fewer rate cuts than hoped this year. After all, the Fed now sees an extra rate cut in 2025.
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So while the landing may be delayed, it may not be too bumpy.
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Analysts at ING say the Fed wants to see three things: More evidence of inflation pressures easing, more evidence of labour market slack, and softening consumer spending.
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They add:
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If we get all three of these, we believe the Fed will indeed seek to move monetary policy from “restrictive” to “slightly less restrictive” with 25bp rate cuts at the September, November and December FOMC meetings.
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Also coming up today
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Leaders from the G7 are meeting in Borgo Egnazia in the southern region of Puglia, where they’re expected to approve a plan to use the interest from frozen Russian assets to support Ukraine
“,”elementId”:”b13e9e7a-6429-4fb0-8553-0f259caa56f5″},{“_type”:”model.dotcomrendering.pageElements.RichLinkBlockElement”,”prefix”:”Related: “,”text”:”G7 leaders head to Italy for summit as Ukraine and Russia top the agenda”,”elementId”:”dc8ad065-1f2b-479c-8ce4-e4d5c3afca31″,”role”:”thumbnail”,”url”:”https://www.theguardian.com/world/article/2024/jun/12/g7-countries-head-to-italy-for-summit-as-ukraine-and-russia-top-the-agenda”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
The latest index of US producer prices will test the soft landing narrative, with economists predicting a slowdown in price rises in May.
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The agenda
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9.30pm BST: Tesla AGM, where shareholders will vote on Elon Musk’s$56bn pay deal
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1.30pm BST: PPI index of US producer prices
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1.30pm BST: US weekly initial jobless claims
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2pm BST: Russia’s trade balance for April
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关键事件
SpaceX 及其首席执行官， 伊隆·马斯克，周三被八名工程师起诉，他们的律师表示，这些工程师因提出对所谓性骚扰和歧视女性的担忧而被非法解雇。
特斯拉薪酬风波的教训，我们的财经编辑 尼尔斯 普莱特利 本周写道，作为一家上市公司的董事，不仅仅是在 伊隆·马斯克 粉丝俱乐部。
尼尔斯 解释：
但在这一事件成为头条新闻之前，还有一件小事要说，那就是特拉华州法官凯瑟琳·麦考密克究竟说了什么 她长达200页的判决书 1 月份。读完整篇文章，你会发现 2018 年特斯拉的董事会就像一群被老板奴役的傀儡，他们甚至无法运行一个半健全的流程来制定老板的激励措施。
没有人会质疑，特斯拉的股价必须创造一个小奇迹才能让马斯克获得全部奖金：从 500 亿美元左右的估值来看，要求到 2028 年达到 6500 亿美元以上（实际上这只用了三年就实现了）。问题在于特斯拉安排负责与马斯克谈判以确定公平奖金的人。
正如法官所指出的，首席董事艾拉·埃伦普赖斯 (Ira Ehrenpreis) 与马斯克有 15 年的业务关系。工作组的另一名成员安东尼奥·格拉西亚斯 (Antonio Gracias) 与马斯克的家人一起度假。第三名成员是马斯克的前离婚律师兼公司总法律顾问托德·马龙 (Todd Maron)，“他对马斯克的钦佩让他在作证时流下了眼泪”。
麦考密克的结论是，该奖项背后的流程“存在严重缺陷”，条款对所有股东“并不完全公平”：本质上，马斯克说出了他想要的，而受到的反对却很少。
特斯拉是否应该向埃隆·马斯克支付 450 亿美元？股东将决定
即使特斯拉股东批准马斯克的巨额薪酬协议，该公司还需要说服本已持怀疑态度的特拉华州法官承认它。
我的同事 Nick Robins-Early 解释：
然而，目前尚不清楚阻止该交易的法院是否会接受不具约束力的重新投票，并允许该公司恢复薪酬方案并迁移总部。
特拉华州衡平法院法官 取消了马斯克的薪酬方案 1 月份。校长 Kathaleen McCormick 裁定，董事会达成这一金额数字的过程不合法，她称其为“不可思议”，并且马斯克与董事会成员的关系过于密切，因此他们不能被视为独立。
马斯克称特斯拉股东投票赞成其 560 亿美元薪酬方案
今天对于特斯拉来说是个大喜的日子，该公司正在请求股东批准向首席执行官埃隆·马斯克提供 560 亿美元（440 亿英镑）的薪酬方案。
该计划在今年早些时候被特拉华州一名法官驳回，目前再次等待批准，这也促使这家电动汽车制造商寻求投资者批准将其法律基地转移到德克萨斯州。
特斯拉一直在敦促股东支持这项薪酬方案，这是美国上市公司高管获得的最大薪酬方案，董事长 罗宾 丹霍姆 警告 那 麝香 如果被阻挡，可以后退。
尽管有这样的诉求，一些主要股东还是反对该薪酬方案，其中包括挪威银行投资管理公司和加州教师退休系统 (CalSTRS)。大型代理公司 Glass Lewis 和 Institutional Shareholder Services (ISS) 也敦促股东拒绝该薪酬方案。
麝香不过，该公司今天上午宣布，股东们以“大幅”投票通过了该计划以及迁往德克萨斯州的决定。
他发布了红心表情符号：
“感谢您的支持！！”
目前，特斯拉两项股东决议均以较大优势通过！
♥️♥️谢谢你的支持！！♥️♥️ pic.twitter.com/udf56VGQdo
— 伊隆·马斯克（@elonmusk） 2024 年 6 月 13 日
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年度股东大会将于今晚英国时间晚上 9 点 30 分开始。 路透社 指出 股东可以在年度股东大会开始前改变投票……
该薪酬方案于 2018 年首次获得特斯拉董事会同意，并得到股东的支持。马斯克要获得这笔钱，特斯拉必须达到各种收入、利润和股价目标，而这些目标都得到了满足。
但早在 1 月份，特拉华州法官 Kathaleen McCormick 统治 一名特斯拉股东认为，公司董事会不恰当地制定了薪酬方案。法官同意马斯克的薪酬方案对于保持马斯克对特斯拉的忠诚度而言是不必要的，这是公司高管在审判期间提出的论点。
引言：美联储会议后软着陆希望重燃
早上好，欢迎收看我们对商业、金融市场和世界经济的滚动报道。
在全球最有权势的央行行长对美国通胀下降表示欢迎后，金融市场仍抱有软着陆的希望。
在软着陆的情况下，央行行长们会抑制通胀并最终降低利率，同时避免经济衰退。随着我们进入 2024 年，美国持续的价格压力使得这种情况不太可能发生。
但昨日公布的数据令投资者感到振奋，该数据显示美国五月份消费者价格通胀率降至 3.3%，同时基础通胀率也有所下降。
美联储主席 杰罗姆 鲍威尔 增强了这种乐观情绪，他昨晚告诉记者，“这肯定是一份比几乎所有人预期的都要好的通胀报告。”
鲍威尔 美联储维持美国利率不变（目前为二十年来的最高水平）之后，他发表了上述讲话。
美联储官员最新点阵图显示，他们目前预计今年仅降息一次，低于 3 月份预测的三次。他们还预计今年的通胀将比春季预测的更为顽固。
美联储点图：
尽管 CPI 数据非常温和，但预计今年美国仅会降息一次。
不过美联储主席表示，许多官员对第二次降息持观望态度，并已将第二次降息推迟到2025年。 pic.twitter.com/TTqz6MX5BN
— PowerPoint 专家（@Adi_183） 2024 年 6 月 13 日
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美联储点图：
尽管 CPI 数据非常温和，但预计今年美国仅会降息一次。
不过美联储主席表示，许多官员对第二次降息持观望态度，并已将第二次降息推迟到2025年。 pic.twitter.com/TTqz6MX5BN
— PowerPoint 专家（@Adi_183） 2024 年 6 月 13 日
但 鲍威尔 还暗示，如果通胀迅速下降或经济走弱，美联储准备降息，他表示：
“如果劳动力市场意外走弱，或者通胀下降速度快于预期，我们已经做好应对准备。”
这提振了华尔街的股票， 标准普尔 500 和 纳斯达克 合成的 连续第三个交易日收于历史高位。
交易员们对美联储预计未来不会出现大幅放缓感到鼓舞，并乐观地认为这可能意味着今年的降息次数会比预期的少。毕竟，美联储现在预计 2025 年还会额外降息一次。
因此，虽然着陆可能会延迟，但可能不会太颠簸。
分析师 荷兰国际集团 (ING) 称美联储希望看到三件事：更多通胀压力缓解的证据、更多劳动力市场疲软的证据、以及消费者支出疲软。
他们补充道：
如果上述三点均得到满足，我们相信美联储确实会在 9 月、11 月和 12 月的 FOMC 会议上寻求将货币政策从“限制性”转向“略微放松”，并降息 25 个基点。
今天还将推出
七国集团领导人正在意大利南部普利亚大区的博尔戈埃格纳齐亚举行会议，预计将批准一项计划，利用冻结的俄罗斯资产的利息来支持乌克兰
最新的美国生产者价格指数将对软着陆进行测试，经济学家预测五月份价格上涨将会放缓。
议程
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英国夏令时晚上 9:30：特斯拉年度股东大会，股东将就伊隆·马斯克 560 亿美元的薪酬协议进行投票
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英国夏令时下午 1:30：美国生产者价格指数 (PPI)
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英国夏令时下午 1:30：美国每周首次申请失业救济人数
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英国夏令时下午 2 点：俄罗斯 4 月份贸易平衡
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2024-06-13 06:47:40
