NY Pension Funds Issue Letter to Tesla (TSLA), Urges Removal of Kimbal Musk and James Murdoch from Board, Vote Against Musk's Pay Package
The Comptroller of the City of New York, on behalf of the New York City Employees’ Retirement System, the New York City Teachers’ Retirement Systems, the New York City Police Pension Fund, the New York City Fire Pension Fund, and the New York City Board of Education Retirement System sent a letter to Tesla (NASDAQ: TSLA) shareholders, urging them to vote "AGAINST the reelection of directors Kimbal Musk and James Murdoch and AGAINST the ratification of CEO Elon Musk’s 2018 option award at Tesla’s AGM on June 13th."
Key Points:
Independence is Scarce on Tesla’s Board.
Signs Abound of Management Capture.
Way Worse Than One Bad Quarter: Tesla’s Long-Term Performance Decline.
The Board’s Failure to Curtail the CEO Jeopardizes Tesla’s Brand.
Tesla’s Track Record of Poor Human Capital Management Oversight.
Tesla’s Board and Governance Structure Limits Shareholder Engagement.
A Chaotic Legal Landscape and Tesla’s Long Standing Compensation Issues.
The 2018 Pay Package Does Not Serve Tesla Shareholders.
Full text can be found here:
https://www.sec.gov/Archives/edgar/data/1318605/000121465924009655/z520241px14a6g.htm