Tesla investors seek more independent board members

A group of major Tesla Inc. shareholders is pressing the electric-car maker to add two additional, independent board members, according to a report Tuesday. The investors say five of six current board members have personal or business ties with Tesla co-founder and chief executive Elon Musk, according to a report by Bloomberg News, presenting possible conflicts of interest. “A thoroughly independent board would provide a critical check on possible dysfunctional group dynamics, such as groupthink,” the investors said Monday in a letter to Tesla. The group of five investors includes the influential California State Teachers’ Retirement System and collectively hold more than $720 billion in assets. A Tesla spokesperson told Bloomberg that it is “actively engaged” in a search for independent board members and expects to announce “new additions fairly soon.”

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From:: Stock Market News

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