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.
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