May 16, 2018 / 2:28 AM / 7 months ago

Proxy adviser Glass Lewis opposes Tesla board renominations

(Reuters) - Criticism mounted over Tesla Inc (TSLA.O) board’s move to renominate three directors, including CEO Elon Musk’s brother Kimbal Musk, with proxy adviser Glass Lewis & Co on Tuesday opposing their re-election and seeking appointment of an independent chairman.

Glass Lewis & Co said Tesla shareholders should vote against lead independent director Antonio Gracias, Kimbal Musk and James Murdoch, chief executive of Twenty-First Century Fox Inc (FOXA.O).

Glass Lewis said separating the chairman and CEO roles of Elon Musk would better serve the company.

“It is more and more difficult to oversee the company’s business and senior management, especially to minimize any potential conflicts that may result from combining the positions of CEO and chair,” the proxy firm said in a report.

Last week, activist investor CtW Investment Group urged Tesla shareholders to vote against the re-election of Gracias, Murdoch and Kimball Musk.

Tesla did not respond to a request for comment outside regular business hours.

Reporting by Kanishka Singh and Ishita Chigilli Palli in Bengaluru; Editing by Gopakumar Warrier

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below