游戏驿站公司于周三公布了一项潜在价值达 35.4 亿美元的高管薪酬方案，该方案面向公司首席执行官 莱恩・科恩，其能否兑现取决于公司能否成功转型 —— 科恩需将这家处境艰难的视频游戏零售商的市 值提升超十倍，并大幅提高公司利润。 该公司股票在盘前交易中上涨 3.1%。 游戏驿站方面表示，依据这份薪酬方案，科恩将不会获得以薪水、现金奖金或股票期权形式发放的保障 性报酬，这意味着他的全部薪酬能否到手，完全取决于能否达成这一极具挑战性的目标。 此激励方案与特斯拉公司此前批准的、针对埃隆・马斯克的十年期激励计划颇为相似。在特斯拉的那份 计划中，马斯克的薪酬同样完全以股票期权形式发放，且只有达成严苛的市值与营业利润目标，这些期 权才能行权。 游戏驿站指出，科恩的这份薪酬方案包含一项股票期权，允许他以每股 20.66 美元的价格，认购公司逾 1.715 亿股股票。该公司当前的市值为 92.6 亿美元。 新浪合作大平台期货开户 安全快捷有保障 责任编辑：郭明煜 游戏驿站公司于周三公布了一项潜在价值达 35.4 亿美元的高管薪酬方案，该方案面向公司首席执行官 莱恩・科恩，其能否兑现取决于公司能否成功转型 —— 科恩需将这家处境 ...

Core Insights - Tesla has proposed a new executive compensation plan for its CEO, which has been approved by shareholders with over 75% support at a recent meeting [2] - The new plan is based on the framework established in 2018, linking compensation entirely to company market value growth and operational performance, without fixed salary or cash bonuses [2] - The plan sets ambitious market value targets, starting at $2 trillion and culminating at $8.5 trillion, requiring a $7 trillion increase from the current market value of approximately $1.5 trillion [2] Market Value Targets - The first target is to reach a market value of $2 trillion, with subsequent increments of $500 billion for the next nine levels, and the final two levels increasing by $1 trillion each [2] - The ultimate goal of $8.5 trillion represents a significant growth requirement, reflecting the company's high expectations for future performance [2] Operational Performance Metrics - The operational performance metrics include achieving annual vehicle deliveries of 20 million, deploying 1 million robotaxi autonomous vehicles, reaching an EBITDA of $400 billion, and delivering 1 million AI robots [2] - These targets indicate a comprehensive approach to measuring the company's operational success across various key areas [2] Stock Options and Conditions - If all targets are met, the CEO will receive a total of 423,743,904 stock options, representing 12% of the company's current outstanding shares [3] - The stock options will be granted in 12 tranches, with each tranche containing 35,311,992 shares, and will have specific conditions for exercise, including a minimum holding period of five years and continued employment for 7.5 to 10 years [3] - The new plan significantly raises the bar compared to the previous 2018 plan, which had a market value starting point of $100 billion and a maximum target of $650 billion, reflecting the company's long-term growth expectations [3]

Core Viewpoint - The Norwegian sovereign wealth fund (NBIM) announced its opposition to Elon Musk's proposed $1 trillion compensation plan at Tesla's upcoming annual shareholder meeting, signaling a significant challenge to Tesla's governance and potentially influencing other institutional investors to follow suit [2][3]. Group 1: Compensation Plan Opposition - NBIM criticized the compensation plan as "excessive, dilutive to shareholder rights, and failing to effectively mitigate key person risk" [3]. - The fund also plans to oppose the re-election of two board members and reject the overall stock incentive plan, emphasizing the importance of adhering to environmental, social, and governance (ESG) principles [3][4]. - Following the announcement, Tesla's stock price dropped, reflecting investor concerns about the potential ripple effects from European funds [3][4]. Group 2: Historical Context of Musk's Compensation - Musk's compensation has been tied to Tesla's market value and performance since 2010, with a notable plan introduced in 2012 that allowed him to unlock stock options as the company's market cap increased by $4 billion [5][6]. - The 2018 plan was more aggressive, allowing Musk to earn up to $56 billion in stock options if he met certain milestones, which faced criticism for being overly generous [6]. - A Delaware court ruled the 2018 plan invalid due to a lack of board independence, leading to a re-evaluation of Musk's compensation structure [6][7]. Group 3: Current Market Dynamics - Tesla's market cap has fluctuated significantly, with a recent proposal linking Musk's rewards to an increase from approximately $1.4 trillion to $8.5 trillion, dubbed the "Mars-shot" plan [7]. - The upcoming shareholder vote on November 7 is seen as critical, with Musk holding about 15.3% of the voting power, and support from retail investors and some institutions [8]. - The potential for increased opposition from major investment firms could lead to significant changes in the proposal, highlighting the tension between innovation and governance [8][9]. Group 4: Broader Implications - The opposition from NBIM may inspire other ESG-focused funds to push for reforms in executive compensation, potentially reshaping global corporate governance standards [8][9]. - The outcome of this situation could have far-reaching effects beyond Tesla, influencing the broader investment landscape and discussions around income inequality in executive pay [8][9].

Core Viewpoint - The debate surrounding Elon Musk's proposed $1 trillion pay package is intensifying, with significant implications for Tesla's future and Musk's potential departure if the plan is not approved by shareholders [1][2]. Support for the Pay Package - The State Board of Administration of Florida, managing over $280 billion in assets, supports the pay package, highlighting the performance-driven incentive structure [5]. - Cathie Wood, CEO of ARK Invest, expressed confidence in the package's approval, suggesting it could lead to "super-exponential growth" for Tesla, with ARK holding around $1 billion in Tesla shares [8]. - Dan Ives from Wedbush Securities, a prominent Tesla supporter, believes the package will keep Musk focused on the company and accelerate Tesla's advancements in autonomous technology [12]. Opposition to the Pay Package - New York State Comptroller Thomas DiNapoli urged shareholders to vote against the compensation plan, citing a lack of board independence, with the state's retirement fund holding over 3.5 million Tesla shares valued at approximately $1.7 billion [14]. - The American Federation of Teachers, along with other unions and investment firms, has also called for a vote against the pay deal, arguing it lacks sufficient commitments from Musk to ensure his focus on Tesla [18].

Core Viewpoint - The new judicial interpretation by the Supreme People's Court aims to hold executives of listed companies accountable for financial fraud by requiring them to return excessive compensation and stock incentives that do not match actual performance [1][3][7]. Group 1: Legal Framework and Implications - The new regulation provides a legal basis for companies to reclaim inappropriate gains from executives when financial reports contain false information [3][6]. - This regulation addresses a significant gap in the current legal system, which previously allowed executives to escape accountability for personal gains obtained through fraudulent activities [3][4]. - The introduction of this regulation is expected to increase the personal cost of engaging in financial fraud for executives [3][7]. Group 2: Historical Context and Examples - Historical cases of financial fraud in the A-share market often correlate with executive compensation incentives, with notable examples such as Kangmei Pharmaceutical, which inflated cash holdings significantly while executives received substantial stock incentives [4][5]. - The case of Evergrande's former president, Xia Haijun, illustrates the issue of high compensation linked to systemic fraud, where he received over 1.6 billion yuan while overseeing inflated profits [5]. Group 3: Challenges and Future Directions - The practical implementation of the new regulation faces challenges, particularly in defining what constitutes "inappropriate" compensation and how to quantify "reasonable standards" [6][8]. - There is a need for detailed guidelines from regulatory bodies to clarify these definitions and ensure consistent enforcement across different industries [6]. - The regulation is seen as a crucial step towards establishing a market environment where fraudulent activities are discouraged, and accountability is enforced [7][8]. Group 4: Investor Impact and Market Sentiment - The new regulation signals a shift towards a more mature capital market, where the risks associated with financial fraud are heightened for executives, potentially restoring investor confidence [7][8]. - It is anticipated that the regulation will facilitate the recovery of losses for investors affected by fraudulent activities, thereby enhancing the overall market sentiment [9].

Core Viewpoint - Tesla's stock rose over 4% to $353.51 following reports of a historic compensation plan for CEO Elon Musk, potentially valued at $1 trillion, aimed at incentivizing his leadership over the next decade [1] Group 1: Compensation Plan - Tesla's board has proposed an unprecedented compensation agreement for Elon Musk, with a potential value of approximately $1 trillion, marking the largest executive pay package in U.S. corporate history [1] - The plan includes ambitious performance benchmarks, such as expanding Tesla's autonomous taxi business and increasing the company's market value from around $1 trillion to at least $8.5 trillion over the next 10 years [1] - The current value of the CEO's rewards is estimated at $878 billion, which could increase to about $1 trillion if Musk meets all performance targets and receives all restricted stock [1] Group 2: Succession Planning - The proposal stipulates that Musk must participate in the board's development of a long-term CEO succession framework to qualify for the final two parts of the performance rewards [1]

Core Viewpoint - Tesla's board has proposed an unprecedented compensation plan for CEO Elon Musk, potentially worth $1 trillion, aimed at incentivizing his leadership over the next decade [1] Group 1: Compensation Plan - The proposed compensation plan is the largest executive pay package in U.S. history, with a potential value of approximately $1 trillion [1] - The plan includes ambitious performance benchmarks, such as expanding Tesla's autonomous taxi business and increasing the company's market value from around $1 trillion to at least $8.5 trillion [1] - The current value of the CEO's rewards is estimated at $878 billion, which could increase to about $1 trillion if all performance targets are met [1] Group 2: Succession Planning - The proposal stipulates that Musk must participate in the board's development of a long-term CEO succession framework to qualify for the final two parts of the performance rewards [1]