12:01 PM EDT, 06/10/2024 (MT Newswires) -- Glass Lewis has issued a Controversy Alert and Proxy Paper with voting recommendations for shareholders of Tesla (TSLA) ahead of the electric vehicle manufacturer's annual general meeting Thursday.

Proposals will be put to Tesla's shareholders on executive compensation, re-domestication of the company from Delaware to Texas and the election of board directors.

The proxy advisory firm recommended late last month that shareholders oppose approval of the proposed $56 billion CEO pay package for Elon Musk, calling the award "excessively dilutive."

Glass Lewis said that it also recommends that Tesla's shareholders oppose the election of CEO Elon Musk's brother, Kimbal Musk, who is currently a non-employee director at the company, because he "is not considered independent by the board."

The firm also advises shareholders reject a proposal to move the company's state of incorporation to Texas from Delaware. It said that the proposal provides shareholders with uncertain benefits, additional risk and is not in their best interest.

Tesla had not responded to a request for comment from MT Newswires at the time of publication on Monday.

The company earlier blasted the recommendation in a letter titled "What Glass Lewis Got Wrong About Tesla," according to a Wall Street Journal report. The company said then the proxy firm "omits key considerations, uses faulty logic, and relies on speculation and hypotheticals."

The themes raised in the Glass Lewis Controversy Alert and Proxy Paper fall under the Environmental, Social and Governance categories of community/stakeholder relations, board responsiveness, executive pay, oversight issue and other governance issue.

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