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ISS urges Tesla investors to oppose re-election of Murdoch, Kimbal Musk

Reuters
·1-min read

Sept 27 (Reuters) - Proxy advisory firm Institutional Shareholder Services has urged shareholders of Tesla Inc to vote against electing its boss Elon Musks's brother, Kimbal, and media executive James Murdoch to the electric carmaker's board.

ISS, in a note sent to its clients late last week, cited "concerns regarding excessive compensation" for its recommendations to vote against their reelection at the annual shareholders meeting, to be held virtually at Tesla's factory in Austin, Texas on Oct. 7.

The advisory firm also cited the board's "insufficient responsiveness" to a shareholder proposal and concerns about its oversight in pledging of a "significant amount of the company's stock by certain directors" to vote against Murdoch, a member of the governance and audit committees.

Kimbal Musk and Murdoch have been part of Tesla's nine-member board since 2004 and 2017, respectively. (Reporting by Nivedita Balu in Bengaluru; Editing by Maju Samuel)