“Votes against directors James Murdoch and Kimbal Musk are warranted due to concerns regarding excessive compensation to named executive officers and to non-executive directors,” Institutional Shareholder Services wrote in a Friday report to clients.
Tesla’s board has nine directors. Murdoch and Kimbal Musk, both 48, are the two incumbents standing for reelection. Tesla will hold its annual shareholder meeting virtually this year on Oct. 7 from its new factory in Austin, Texas.
Private equity investor Antonio Gracias won’t stand for re-election and won’t be replaced. Murdoch, the son of media mogul Rupert Murdoch, was the CEO of 21st Century Fox from 2015 to 2019. Kimbal Musk is a food entrepreneur who also serves on the board of Elon Musk’s SpaceX.