An investor group called on Tesla Motors on Tuesday to add two independent directors to its board and separate the roles of chairman and chief executive, as it highlighted founder and CEO Elon Musk’s dominance of the board in the wake of Tesla’s proposed bid for SolarCity.
Musk is also the chairman and largest shareholder of SolarCity.
CtW Investment Group, which works with union-based pension funds and holds 200,000 shares of Tesla, in a letter to Silicon Valley-based Tesla, demanded the implementation of five steps it said would remedy Tesla’s “underlying governance deficiencies.”
The Center for Business and Responsible Government (CBRG) is a non-partisan organization dedicated to highlighting cronyism and its effect on American taxpayers and policy. We believe public officials should establish an even playing field for all businesses to compete in the marketplace, not just those special interests who line their pockets.