CtW Investment Group, which owns 200,000 Tesla shares, has called on the automaker to appoint five independent directors and separate the roles of chairman and CEO, both currently held by Elon Musk, in reaction to Tesla's SolarCity acquisition offer. CtW’s letter to Tesla outlines two proposals to protect shareholder interests during the SolarCity buyout process, including a request for the declassification of the board so shareholders can vote annually on every director, and a change in bylaws that would forbid immediate family members of directors to serve concurrently. Taking those steps, according to CtW, would allow Tesla to "to remedy its underlying governance deficiencies".
CtW Investment Group, which owns 200,000 Tesla shares, has called on the automaker to appoint two independent directors and separate the roles of chairman and CEO, both currently held by Elon Musk, in reaction to Tesla's SolarCity acquisition offer. CtW’s letter to Tesla outlines five proposals to protect shareholder interests during the SolarCity buyout process, including a request for the declassification of the board so shareholders can vote annually on every director, and a change in bylaws that would forbid immediate family members of directors to serve concurrently. Taking those steps, according to CtW, would allow Tesla to "to remedy its underlying governance deficiencies".