Tesla shareholders are convening today to vote on a proposed $1 trillion pay package for Elon Musk.

As Maryland’s Comptroller and Vice Chair of the State Retirement and Pension System Board, I take my fiduciary responsibility to protect our state retirement funds seriously.

That’s why I wrote a letter encouraging shareholders to oppose this package, and why I’m standing firm in my decision today. This pay package would:

• Exacerbate pay inequality: Elon Musk’s proposed pay would exceed the combined pay of every S&P 500 CEO by tenfold. That’s not generous. It’s wildly excessive and irresponsible.


• Set a dangerous precedent: If approved, it could establish a new benchmark for CEO compensation across corporate America. Rewarding one individual at this scale leaves no clear line between executive pay and other compensation, threatening shareholder rights and long-term market fairness.

Standing against this package is not just about one CEO or one company. It’s about protecting shareholder rights and safeguarding the long-term security of the funds that hard-working Marylanders count on for their retirement.

As a fiduciary responsible for the retirement security of Maryland teachers, emergency responders, and public servants, I cannot stand by. The Maryland State Retirement and Pension System Plan is using its shares to vote against this pay package, and I urge other shareholders to do the same.

Thank you for standing with me,