ISS advises Tesla shareholders to vote against two Board members’ re-election

In a recommendation on Monday, proxy advisory firm Institutional Shareholder Services (ISS) advised Tesla (NASDAQ:TSLA) investors to vote against the re-election of Ira Ehrenpreis and Kathleen Wilson-Thompson into the electric vehicle maker’s Board of Directors. 

Explaining its recommendation, the ISS stated that it has concerns about “the board’s risk oversight in light of the pledging (as collateral) of a significant amount of the company’s stock by certain directors.” 

The ISS also urged Tesla investors to vote for a shareholder proposal regarding the right of employees to form a labor union, according to a Reuters report. Interestingly enough, Tesla CEO Elon Musk has extended an invite to the United Auto Workers (UAW) union to hold a vote at the Fremont factory earlier this year. 

Later comments from UAW president Ray Curry, however, noted that he has not spoken to Musk about the matter. 

Tesla’s recommendations for its shareholders are as follows. 

A Tesla proposal to elect two Class III directors to serve for a term of three years, subject to the approval of Proposal Two, or until their respective successors are duly elected and qualified–For

A Tesla proposal for adoption of amendments to certificate of incorporation to reduce director terms to two years —For

A Tesla proposal for adoption of amendments to certificate of incorporation and bylaws to eliminate applicable supermajority voting requirements–For

A Tesla proposal for adoption of amendments to certification of incorporation to increase the number of authorized shares of common stock by 4,000,000,000 shares–For

A Tesla proposal to ratify the appointment of PricewaterhouseCoopers LLP as Tesla’s independent registered public accounting firm for the fiscal year ending December 31, 2022-For

A stockholder proposal regarding proxy access, if properly presented )–Against

A stockholder proposal regarding annual reporting on anti-harassment and discrimination efforts, if properly presented–Against

A stockholder proposal regarding annual reporting on board diversity, if properly presented–Against

A stockholder proposal regarding reporting on employee arbitration, if properly presented–Against

A stockholder proposal regarding reporting on lobbying, if properly presented–Against

A stockholder proposal regarding adoption of a freedom of association and collective bargaining policy, if properly presented–Against

A stockholder proposal regarding additional reporting on child labor, if properly presented–Against

A stockholder proposal regarding additional reporting on water risk, if properly presented–Against

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The post ISS advises Tesla shareholders to vote against two Board members’ re-election appeared first on TESLARATI.

Source: TESLARATI

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