Glass Lewis said on Thursday that it urged Tesla Inc investors to vote against re-electing Chairwoman Robyn Denholm to the company's board, making it the second proxy advisory firm to oppose her appointment.
) investors to vote against re-electing Chairwoman Robyn Denholm to the company’s board, making it the second proxy advisory firm to oppose her appointment.
The recommendation was based on corporate governance concerns due to an insurance arrangement with Chief Executive Officer Elon Musk after Tesla’s decision to not renew its directors and officers’ liability policy due to high premiums quoted by insurers, Glass Lewis said. “We are concerned that this D&O arrangement gives the company’s independent directors a direct, personal financial dependency upon the CEO they are tasked with overseeing,” Glass Lewis said.
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