WSJ – Pension-Fund Adviser Urges No Votes Against Three on Tesla Board

https://www.wsj.com/articles/pension-fund-adviser-urges-no-votes-against-three-on-tesla-board-1525875876

 

I won’t hide my disdain for Elon Musk

  •  CtW Investment Group has encouraged Tesla sharholders to vote against three of the company’s directors 
    • Kimbal Musk, brother of Tesla Chief Executive Elon Musk
    • venture capitalist Antonio Gracias
    • James Murdoch
  • CtW works with union-sponsored pension funds
  • “Tesla has failed to hit critical production milestones” in the past year and has renominated people “who exemplify the company’s failure to evolve.”
    • “Its continuing success looks more tenuous than ever,”
    • “All of this year’s director nominees lack independence, industry relevant knowledge, and a track record of effective service in a governance role,” (well, that also isn’t far from the mark of another company I know well)
  •  Tesla had been criticized for its board not being independent enough
  • Tesla recently missed its target for producing its Model 3 vehicle
  • the company had a quarterly average negative cash flow of about $1 billion in 2017
  • Shares of Tesla have fallen 5.8% in the past 12 months

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