The recommendation was based on corporate governance concerns due to an insurance arrangement with Chief Executive Officer Elon Musk after Tesla’s decision to not renew its directors and officers’ liability policy due to high premiums quoted by insurers, Glass Lewis said. Musk had agreed to personally provide coverage to such a policy for a year, Tesla disclosed in a regulatory filing in April. “We are concerned that this D&O arrangement gives the company’s independent directors a direct, personal financial dependency upon the CEO they are tasked with overseeing,” Glass Lewis said. …read more
Source:: Yahoo Finance
