Portraying a CEO as a father figure is one way to tell there’s a lack of judicious oversight. Backing the company’s board despite obvious shortcomings is another. Tesla shareholders did both on Tuesday, with one of them playing the part of boss Elon Musk’s “son,” a robot the electric-car maker is developing, and many others again ignoring qualms about director nominees raised by proxy advisory firms Institutional Shareholder Services (ISS) and Glass Lewis. The corporate governance neglect is troubling.
into Tesla’s self-proclaimed “self-driving” capabilities, which have been involved in fatal crashes. Heeding advice from ISS and Glass Lewis would at least be a place to start, because leaving governance on autopilot also can have dangerous consequences.Tesla shareholders voted on May 16 to re-elect Elon Musk and Robyn Denholm to the company’s board and to add JB Straubel as a director.
In an interview with CNBC following the electric-car maker’s annual shareholder meeting, Musk fielded questions about a range of subjects, including his recent posts on Twitter – the social media site he acquired in October 2022 for $44 billion – regarding a recent mass shooting and investor George Soros. Musk said he would continue to say "what I want to say, and if the consequence of that is losing money, so be it."Opinions expressed are those of the author.
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