ISS urges Tesla investors to oppose re-election of Murdoch, Kimbal Musk By Reuters
© Reuters. FILE PHOTO: The brand of automobile producer Tesla is seen at a dealership in London, Britain, Might 14, 2021. REUTERS/Matthew Childs
(Reuters) – Proxy advisory agency Institutional Shareholder Companies has urged shareholders of Tesla (NASDAQ:) Inc to vote in opposition to electing its boss Elon Musks’s brother, Kimbal, and media government James Murdoch to the electrical carmaker’s board.
ISS, in a word despatched to its purchasers late final week, cited “issues concerning extreme compensation” for its suggestions to vote in opposition to their reelection on the annual shareholders assembly, to be held nearly at Tesla’s manufacturing unit in Austin, Texas on Oct. 7.
The advisory agency additionally cited the board’s “inadequate responsiveness” to a shareholder proposal and issues about its oversight in pledging of a “vital quantity of the corporate’s inventory by sure administrators” to vote in opposition to Murdoch, a member of the governance and audit committees.
Kimbal Musk and Murdoch have been a part of Tesla’s nine-member board since 2004 and 2017, respectively.
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