Shareholder group said it wants board to have 'truly independent directors' to rein in CEO Elon Musk.
An investor group on Monday urged fellow Tesla Inc. shareholders to vote against putting a former company executive on the board, saying the board already has a lack of independence and has been unable to rein in Chief Executive Elon Musk.
Tesla TSLA has nominated former Chief Technology Officer J.B. Straubel to replace independent director Hiromichi Mizuno, who will not seek reelection, according to the auto maker’s proxy. Straubel left the company in 2019, though he remained an adviser. “Tesla has a litany of directors who aren’t independent,” Tejal Patel, executive director of SOC Investment Group, said in an interview with MarketWatch on Friday. Patel added that “in our opinion five out of eight will be non-independent” if Straubel’s nomination is approved by shareholders. Tesla’s annual general meeting is scheduled for May 16.
Patel said to MarketWatch that “the longer that the board doesn’t rein in Mr. Musk’s behavior and allow him to focus on the company itself, it will be detrimental to Tesla.” Patel also told MarketWatch that the company’s board as a whole lacks experience in regulatory compliance issues.
Indonesia Berita Terbaru, Indonesia Berita utama
Similar News:Anda juga dapat membaca berita serupa dengan ini yang kami kumpulkan dari sumber berita lain.
Ripple CTO David Schwartz Clarifies XRP Prefunding Strategy Amid DebatesRipple CTO David Schwartz has taken to Twitter to clarify the company's prefunding strategy for XRP, a subject that has been the focus of recent debates
Baca lebih lajut »
Morgan Stanley says HSBC is a 'top pick' despite the bank's shareholder troublesHSBC, the largest bank in Europe, faces pressure from its biggest shareholder to restructure its business. But Morgan Stanley is sticking to its bullish stance.
Baca lebih lajut »
2024 Tesla Model 3 Facelift Rendered Into Reality | CarscoopsThe illustrations are based on a leaked image showing a partially covered prototype of the updated Model 3 'Project Highlander' car auto cars
Baca lebih lajut »
Elon Musk on Tesla's woes, bank lending, economy, self-driving carsElon Musk spoke about crystal balls, bank lending, self-driving cars and lithium refineries this week. Here are his 10 best quotes from Tesla's Q1 earnings call.
Baca lebih lajut »
Tesla wins lawsuit over Autopilot Model S crash | EngadgetThis week, Tesla defeated a lawsuit that blamed the company’s Autopilot for a 2019 crash..
Baca lebih lajut »
Tesla Production Sites By Model Assignment, Capacity: April 2023Tesla officially confirmed that its potential annual output increased to more than 2 million electric vehicles annually.
Baca lebih lajut »