Tesla's board of directors has recently put forward a fresh incentive scheme. Under this plan, Musk stands to gain up to $1 trillion worth of stocks provided he hits certain performance benchmarks. On Thursday (local time), a coalition of investors, which includes several major public pension funds, dispatched a letter to Tesla's shareholders. In the letter, they urged shareholders to vote against the compensation proposal and to dismiss board members who are up for re-election. Previously, Musk's $55 billion compensation package from Tesla was deemed unlawful and subsequently overturned. Meanwhile, a $26 billion plan was implemented without undergoing shareholder approval. The investor coalition highlighted that Tesla's performance has taken a downturn, causing it to lag in the electric vehicle (EV) market. Furthermore, the company has not shown any significant edge in the robotics and self-driving taxi domains. The coalition attributed these shortcomings to the 'captive board's' lack of independence. Specifically, the group singled out three directors who are slated for re-election, urging shareholders to reject their re-election bids. They also voiced their opposition to Proposals No. 3 and No. 4, both of which are linked to Musk's compensation. The coalition stressed that this is shareholders' final chance to exert a meaningful influence on corporate governance. They called on shareholders to vote down the relevant proposals to avert further deterioration of corporate governance and the infringement of shareholder rights.