Bloomberg: Tesla Investors Press for Board Members w/o Ties to Musk

[bonnie]

"An influential group of investors is pressing Tesla Inc. to add two board directors who don’t have ties to Elon Musk, a sign that concerns over the electric-car maker’s corporate governance remain as its shares soar."

Read the full article here: Tesla Investors Press for Board Members Without Ties to Musk

 

[EinSV]

"An influential group of investors is pressing Tesla Inc. to add two board directors who don’t have ties to Elon Musk, a sign that concerns over the electric-car maker’s corporate governance remain as its shares soar."

Read the full article here: Tesla Investors Press for Board Members Without Ties to Musk

This is one of those things that sounds good in principle, but given the potential for shenanigans with a company that is disrupting multiple powerful industries is not great for long-term shareholders IMO.

 

[TexasTeslaRacing]

As long as these potential board members are forward thinking and understand the importance of what Tesla and Co. are trying to accomplish, it would be beneficial. Too many Elon worshippers has a negative impact.

 

[FlatSix911]

More information posted here ... Tesla is looking for new independent board members, announcement coming ‘fairly soon’

Tesla responded to the request by saying that they have been looking for new members for “several months”:

“We are actively engaged in a search process for independent board members, which is something we committed to do several months ago, and expect to announce new additions fairly soon. We regularly engage with our shareholders and value their feedback.”

 

[HabitualUser]

This is bad news, and not from an anti-groupthink perspective.

We all want Elon firmly in control, if only to press forward his vision of the future that so many corporate types can't seem to grasp. A "benevolent dictatorship" can be a good thing. If 2 board seats go to independents, this weakens his control. It seems impossible to imagine now, but events could occur in the future that lead to a CEO change.

Steve Jobs was ousted from Apple in the mid-1980s, as were other founding visionaries of their companies. The loss of power happens through equity dilution or loss of board seats.

 

[msnow]

"An influential group of investors is pressing Tesla Inc. to add two board directors who don’t have ties to Elon Musk, a sign that concerns over the electric-car maker’s corporate governance remain as its shares soar."

Read the full article here: Tesla Investors Press for Board Members Without Ties to Musk

This is a good sign of corporate maturity and governance.

 

[jelloslug]

This is a good sign of corporate maturity and governance.

Tesla is not at that point yet. Once they start turning a solid profit for several quarters in a row, then they can start moving in that direction.

 

[msnow]

Tesla is not at that point yet. Once they start turning a solid profit for several quarters in a row, then they can start moving in that direction.

Good governance is a shareholder requirement not a profit based requirement. It's hard to argue that a company is making good decisions when it's Board is stacked with friends and relatives.

 

[jelloslug]

Good governance is a shareholder requirement not a profit based requirement. It's hard to argue that a company is making good decisions when it's Board is stacked with friends and relatives.

Well, most shareholders agree that the direction the company is going right now is fine.

 

[danahull]

Hello All! Story updated to include Tesla's comment that they ARE searching for independent directors. I have my own thoughts on this, curious if any names come to mind. Tesla Seeks Independent Directors as Board Pressed on Musk Ties

 

[msnow]

Well, most shareholders agree that the direction the company is going right now is fine.

The article points out what most people in corporate governance already know and that is an independent and open Board (one not dominated by the CEO's friends and family members) is better for the long term viability of the company. It's also suppprted by influential investors. It will happen and that is good for us as shareholders and others who want to see Tesla continue to be successful.

 

[jelloslug]

The article points out what most people in corporate governance already know and that is an independent and open Board (one not dominated by the CEO's friends and family members) is better for the long term viability of the company. It's also suppprted by influential investors. It will happen and that is good for us as shareholders and others who want to see Tesla continue to be successful.

That's why I said that in the future it will be a good idea. Right now though, the company needs firm and decisive direction to keep the momentum to profitability.

 

[bonnie]

Hello All! Story updated to include Tesla's comment that they ARE searching for independent directors. I have my own thoughts on this, curious if any names come to mind. Tesla Seeks Independent Directors as Board Pressed on Musk Ties

No particular names - but hopefully the search will expand beyond Silicon Valley candidates & also be diverse.

 

[Dwdnjck]

I would like no nominate Bonnie.

 

[bonnie]

I would like no nominate Bonnie.

Hahah. I think they'll probably be going for a *name*. But thanks .

 

[Dwdnjck]

Bonnie is a perfectly good name.

 

[Skotty]

I have mixed feelings on this. Any other company, I'd say sure. But Tesla is a different kind of creature that requires big picture thinking that most money grubbers lack.

 

[AudubonB]

If nominated I will not run;
If elected I will not serve.



said Audubon Lord Vetinari never.

 

[drinkerofkoolaid]

Anyone think Al Gore is a possible candidate?

 

[Dwdnjck]

Elon answered, "Buy Ford"