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Tesla (TSLA) shareholders are currently voting on CEO Elon Musk's staggering executive pay package valued at $46 billion, based on the EV maker's current stock price. The California Public Employees' Retirement System (CalPers), which holds 9.2 million Tesla shares, disclosed it will vote against Musk's compensation package.

Yahoo Finance Legal Reporter Alexis Keenan explains what Tesla shareholders have to gain from approving the pay package — a major incentive in keeping Musk on as CEO — and the reasons why shareholders would vote it down.

Yahoo Finance shared a poll at the start of the trading week, asking whether Tesla shareholders should approve Musk's pay package. Well over 400,000 respondents have participated in the poll, 96% of which voted "No."

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This post was written by Luke Carberry Mogan.

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