{"id":26768,"date":"2023-04-27T20:24:28","date_gmt":"2023-04-27T20:24:28","guid":{"rendered":"http:\/\/lynettelockhart.com\/client\/glass-lewis-recommends-tesla\/"},"modified":"2023-04-27T20:28:37","modified_gmt":"2023-04-27T20:28:37","slug":"glass-lewis-recommends-vote","status":"publish","type":"post","link":"http:\/\/lynettelockhart.com\/client\/glass-lewis-recommends-vote\/","title":{"rendered":"Glass Lewis recommends vote against Tesla board nominee JB Straubel"},"content":{"rendered":"

SAN FRANCISCO (Reuters) – Proxy advisory firm Glass Lewis recommended Tesla Inc shareholders vote against board nominee JB Straubel at the electric carmaker’s annual meeting next month, raising concerns regarding his independence.<\/p>\n

Straubel is a co-founder of Tesla and served as its chief technology officer before stepping down in 2019. Straubel has since founded Redwood Materials Inc, a battery recycling and materials company. <\/p>\n

“The unwinding of conflicting relationships between former management and board members is more likely to be complete and final after five years,” Glass Lewis said in a report published on Wednesday. <\/p>\n

“As such, we do not believe that shareholders should consider this director to be independent at this time.” <\/p>\n

Tesla did not immediately respond to Reuters’ request for comment. <\/p>\n

Glass Lewis said three of the eight directors at Tesla are either affiliated with the company or are insiders, raising concerns about “its ability to perform its proper oversight role.”<\/p>\n

It also recommended Tesla shareholders vote for the re-election of two of its board members, CEO Musk and board chair Robyn Denholm, saying there are not “substantial issues for shareholder concern” about the two. <\/p>\n

The proxy advisor also recommended a vote against a shareholder proposal for the company to publish a report on “Key-Person Risk”, which includes succession planning. <\/p>\n

Glass Lewis said “requesting that the company publicly disclose the identity of key persons in the succession plan could present a material risk to the company and exacerbate concerns regarding succession planning.”<\/p>\n

SOC Investment Group, which works with union pension funds with more than $250 billion in assets, earlier this month urged Tesla shareholders to vote against the election of Straubel, questioning whether he is a strong board member who can “counterbalance” Elon Musk’s controversial behavior. <\/p>\n

The group said the dearth of Tesla’s board independence has resulted in poor oversight of Musk, who is “overcommitted” to his other ventures like SpaceX and Twitter. <\/p>\n

\n

(Reporting by Hyunjoo Jin, Editing by Nick Zieminski)<\/p>\n

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SAN FRANCISCO (Reuters) – Proxy advisory firm Glass Lewis recommended Tesla Inc shareholders vote against board nominee JB Straubel at the electric carmaker’s annual meeting next month, raising concerns regarding his independence. Straubel is a co-founder of Tesla and served as its chief technology officer before stepping down in 2019. Straubel has since founded Redwood […]<\/p>\n","protected":false},"author":8,"featured_media":26769,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[1213],"tags":[1223],"class_list":["post-26768","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-u-s-business","tag-updated"],"jetpack_featured_media_url":"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ3Q0XK-VIEWIMAGE.jpg","_links":{"self":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/26768","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/comments?post=26768"}],"version-history":[{"count":3,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/26768\/revisions"}],"predecessor-version":[{"id":26836,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/26768\/revisions\/26836"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media\/26769"}],"wp:attachment":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media?parent=26768"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/categories?post=26768"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/tags?post=26768"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}