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ISS urges Tesla investors to oppose re-election of Murdoch, Kimbal Musk By Reuters

by Mike Robinson

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© Reuters. FILEPHOTO: A dealership in London (Britain), May 14th, 2021, shows the logo of Tesla. REUTERS/Matthew Childs

(Reuters) – Proxy advisory firm Institutional Shareholder Services has urged shareholders of Tesla (NASDAQ:) Inc to vote against electing its boss Elon Musks’s brother, Kimbal, and media executive James Murdoch to the electric carmaker’s board.

In a letter sent to clients last week, ISS cited concerns about excessive compensation in its recommendation to vote against them being reelected at the annual shareholder meeting. This will be held virtual at Tesla’s Austin factory, Texas, on October 7.

The advisory firm said that the board had not responded to shareholder proposals and was concerned about the oversight of certain directors pledging stock to support Murdoch.

The nine members of Tesla’s board include Murdoch and Kimbal Musk, who have served as directors since 2016 and 2017.

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