Glass Lewis Opposes Tesla Chairwoman's Re-Election to Board

Glass Lewis Opposes Tesla Chairwoman's Re-Election to Board
(AP Photo/David Zalubowski)

Glass Lewis said on Thursday that it urged Tesla Inc investors to vote against re-electing Chairwoman Robyn Denholm to the company's board, making it the second proxy advisory firm to oppose her appointment.

The recommendation was based on corporate governance concerns due to an insurance arrangement with Chief Executive Officer Elon Musk after Tesla's decision to not renew its directors and officers' liability policy due to high premiums quoted by insurers, Glass Lewis said.

Musk had agreed to personally provide coverage to such a policy for a year, Tesla disclosed in a regulatory filing in April.

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