Ross Kerber, Sheila Dang

(Reuters] – Elon Musk is Twitter’s newest large shareholder. The company faces a proxy proposal set by management that focuses on issues ranging from politics to civil rights.

No matter what the result of Musk’s attempt to buy Twitter is, investors from opposing political viewpoints said Musk was likely to seek to lift some of the content restrictions that Twitter has put in place to combat hate speech.

People who are familiar with corporate governance issues say that even if he doesn’t buy Twitter, Tesla (NASDAQ) CEO is likely to vote for changes at the May 25 virtual meeting.

“Given where Musk has positioned himself relative to the strategy of Twitter and given he wants to be something of a disrupter, I don’t see him voting with management very often,” said Brian Bueno of Farient Advisors, a corporate governance and executive pay consulting firm.

Musk stated that his $54.20 share price was intended to encourage open discussion. Musk will have the opportunity to control Vanguard Group’s second-largest share, giving him the ability to be the kingmaker in tight contests.

Musk has not yet responded to requests for comment regarding how he could vote via Twitter.

Charles Elson (founding director of the Weinberg Center for Corporate Governance and University of Delaware), said that Musk’s fame will be a major draw to the event. Elson stated that Musk is a well-known figure in all of this. This will help increase interest in voting, and may have a significant impact.

Twitter has adopted a shareholder right plan in defense of Musk. Elson however stated its effect on the vote might be to make proxy advisors (who tend to shun such so-called poison pills) more skeptical about management.

FIVE HOT-TICKET ITEMS

Five shareholder proposals by Twitter are being opposed. They all deal with subjects that draw a lot of investor attention.

One is from conservative organizations, the other asking Twitter for information on Twitter’s impact on civil rights. Scott Shepard (a Fellow at the National Center for Public Policy Research, right-leaning think tank), called Musk’s offer “terrific”.

Shepard stated that he hopes Musk will turn Twitter away form censorship. His group has criticised the company’s actions such as banning Donald Trump’s account after storming the U.S. Capitol to avoid inciting violence.

“Twitter under Musk will be what it should been — both from a civic and a value standpoint — all along” Shepard said via email.

Meredith (NYSE) Benton is a less optimistic founder of Whistle Stop Capital. This company focuses on environmental and social issues and has filed a resolution critiquing non-disclosure agreements.

“Missteps, in pushing for his (Musk’s) own unfettered speech, risk destroying the appeal of the platform for millions who need to feel safe before they can speak up,” Benton said.

The fourth suggestion was made by New York State pension fund overseers, who refused to comment. It calls for Twitter reporting on the state’s electoral spending.

Arjuna Capital filed a fifth proposal, asking Twitter for nominations of at least one member who has a history in civil or human rights. Natasha Lamb, Arjuna Capital’s managing partner, stated that Musk would support the proposal in accordance with his freedom of speech concerns.

Musk’s purchaseout bid was “troubling”, she said, because it is a consolidation of power in social media where good governance is crucial.

“We don’t need Twitter run by another social media emperor. Lamb explained that experts are needed to run it.