Tesla Board Chair Robyn Denholm, in a letter Monday, asked shareholders to vote for CEO Elon Musk's nearly $1 trillion pay package ahead of the company's annual meeting.
Denholm said Musk was key to the future of the EV maker as it moves beyond being "just another car company," with a bigger focus on Full Self Driving and Optimus.
"Without Elon, Tesla could lose significant value, as our company may no longer be valued for what we aim to become," Denholm wrote.
Several groups have publicly opposed the pay package in recent days, with proxy advisor Institutional Shareholder Services recommending against it.
Last week, a group of unions and corporate watchdogs launched the Take Back Tesla website to oppose the pay package, noting Musk's embracing of right-wing political movements and amplifying of conspiracy theories that have damaged the brand.
Tesla's annual meeting is Nov. 6, with the shareholder vote for Musk's pay and other proposals closing at 11:59 p.m. ET on Nov. 5.