The company also will have to add two new independent directors and implement controls to oversee the communications of its outspoken chief executive officer. It’s a shakeup that’s long overdue to many investors, proxy advisers and academics who’ve blasted Tesla’s board for being rife with conflicts and serving as an inadequate check on their visionary CEO. All the while, Tesla board members have issued multiple statements saying they continue to back Musk. Shareholders defeated a proposal to require that the chairman of the company be an independent director, with about 83 per cent of votes cast against the measure. “The open board chairperson role creates an opportunity for Tesla to potentially put someone in place that is capable of influencing Musk and helping Tesla reach sustainability,” Munster said.

Source: National Post September 30, 2018 15:33 UTC