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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.
