Tesla's board against proposal to require independent chairman

Tesla’s board against proposal to require independent chairman

(Reuters) – Tesla Inc’s (TSLA.O) board advisable on Thursday that shareholders vote against a proposal that might require the electrical automotive maker’s chairman to be an independent director, forward of its annual assembly.

FILE PHOTO: A Tesla dealership is seen in West Drayton, simply outdoors London, Britain, February 7, 2018. REUTERS/Hannah McKay/File Photo

Elon Musk, chief govt of Tesla, can be the chairman of its board and owns a 20 % stake within the firm.

In an SEC submitting, the board said that its construction is according to majority apply at massive public corporations and it already has seven independent administrators.

The submitting recognized the person who submitted the proposal as Jing Zhao of Concord, California, who stated he’s the helpful proprietor of 12 shares of Tesla’s frequent inventory.

The board additionally talked about that Musk already holds senior positions because the chairman of SolarCity and Space X, the place he’s additionally the CEO.

Tesla is ready to maintain its 2018 annual assembly of stockholders on June 5.

(This model of the story corrects paragraph 4 figuring out particular person behind shareholder proposal)

Reporting by Ahmed Farhatha; Editing by Tom Brown

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