07:01 AM EDT, 05/31/2024 (MT Newswires) -- Institutional Shareholder Services sees the proposed $56 billion performance-related pay package for Tesla (TSLA) Chief Executive Elon Musk as "outsized" and advised shareholders to vote against ratifying it, echoing a recommendation made by proxy firm Glass Lewis earlier this week, multiple media outlets reported Friday.

"Although the achievement of the grant's performance hurdles and the substantial growth in the company's size and profitability are fully recognized, the award value was considered outsized from the start," the report was quoted by multiple media outlets.

ISS reportedly also recommended shareholders vote against Tesla director James Murdoch but backed votes for director Kimbal Musk and Tesla's proposed move to change its state of incorporation to Texas from Delaware.

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