Apple Unveils iPhone 16E in Mini Launch Video, Skipping Traditional Keynote
Apple reveals its new affordable iPhone 16E in a launch video, featuring a new design, A18 chipset, and in-house 5G modem, available for preorder starting February 19th
Sophia Steele
A Delaware judge has approved a settlement that will see Tesla directors, including Chair Robyn Denholm, Oracle founder Larry Ellison, Kimbal Musk, and James Murdoch, return up to $919 million to the automaker, officially resolving allegations that they overpaid themselves.
The settlement concludes a 2020 lawsuit by the Police and Fire Retirement System of the City of Detroit, which challenged director compensation from 2017 to 2020 as excessive. According to the terms of the settlement, the directors will have to pay back stock and options worth up to $735 million and forgo three years of pay allegedly worth $184 million.
The lawsuit had accused Tesla's board of directors of breaching their fiduciary duties by approving excessive compensation packages for themselves. The settlement marks a significant victory for shareholders, who had been critical of the company's governance practices.
Chancellor Kathaleen McCormick, the judge overseeing the case, also awarded $176 million in fees and costs to the three law firms that brought the case to court on a contingency basis, meaning they would only be paid if they won. However, Tesla has asked McCormick to cap the fee at $64 million, citing concerns over the high cost of the lawsuit.
Notably, Chancellor McCormick is the same judge who ruled against Tesla CEO Elon Musk's exorbitant pay package despite shareholders voting to "re-ratify" the deal. This decision highlights the ongoing scrutiny of executive compensation practices in the tech industry, particularly in the wake of high-profile controversies.
The settlement is expected to have significant implications for corporate governance practices in the tech industry, as companies face increasing pressure to justify executive compensation packages to shareholders. The decision may also influence the way companies approach director compensation, with a greater emphasis on transparency and accountability.
As Tesla continues to navigate the challenges of the electric vehicle market, the settlement serves as a reminder of the importance of strong corporate governance practices in maintaining investor trust and confidence. The automaker will likely face continued scrutiny over its executive compensation practices, and the settlement may pave the way for further reforms in the industry.
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