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Tesla boss Elon Musk’s $56bn pay packet was justified, says Baillie Gifford ESG boss

Edinburgh fund group approved the record-shattering compensation for Elon Musk in 2018

'Elon Musk would have had to generate a huge amount of value for our clients in order for that award to pay out as it did'
'Elon Musk would have had to generate a huge amount of value for our clients in order for that award to pay out as it did' Photo: Krisztian Bocsi/Getty Images

Baillie Gifford’s ESG boss has defended the Scottish fund manager’s decision to support a pay package for Tesla chief executive Elon Musk that yielded a record-breaking $56bn in share awards.

Catherine Flockhart told Financial News that Baillie Gifford had backed the incentive scheme because it “strengthened alignment” between its clients’ interests and those of the electric car maker's management team.

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