The group’s letter also urged shareholders to vote against the reelection of board members Kimbal Musk and James Murdoch.
“Tesla is suffering from a material governance failure which requires our urgent attention and action,” and its board “is stacked with directors that have close personal ties to CEO Elon Musk,” the letter said.
“There are multiple indications that these ties, coupled with excessive director compensation, prevent the level of critical and independent thinking required for effective governance.”
We believe that the distractions caused by Musk’s many projects, particularly his decision to buy Twitter, have played a material role in Tesla’s underperformance," the letter said.
Tesla’s reputation has been harmed by Musk’s “public fights with regulators, acquisition of Twitter, controversial statements on X, and his legal and personal troubles,” the letter said.
The letter was sent by New York City Comptroller Brad Lander and investors including Amalgamated Bank, AkademikerPension, Nordea Asset Management, SOC Investment Group, and United Church Funds.
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The group’s letter also urged shareholders to vote against the reelection of board members Kimbal Musk and James Murdoch.
“Tesla is suffering from a material governance failure which requires our urgent attention and action,” and its board “is stacked with directors that have close personal ties to CEO Elon Musk,” the letter said.
“There are multiple indications that these ties, coupled with excessive director compensation, prevent the level of critical and independent thinking required for effective governance.”
We believe that the distractions caused by Musk’s many projects, particularly his decision to buy Twitter, have played a material role in Tesla’s underperformance," the letter said.
Tesla’s reputation has been harmed by Musk’s “public fights with regulators, acquisition of Twitter, controversial statements on X, and his legal and personal troubles,” the letter said.
The letter was sent by New York City Comptroller Brad Lander and investors including Amalgamated Bank, AkademikerPension, Nordea Asset Management, SOC Investment Group, and United Church Funds.
The original article contains 568 words, the summary contains 158 words. Saved 72%. I’m a bot and I’m open source!