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A group of large pension funds claim that Elon Mask is committed to working at least 4 hours a week in Tesla, calling for corporate administration reforms to resolve the “crisis”.
The letter sent by Tesla Chair Chair Robin Denholm on Wednesday was signed by 12 long -term institutional investors, including European funds such as Denmark’s Academy Federation, including the American Federation of Teachers, the American Federation of Teachers. They operate about $ 950 billion assets together.
Wicker Previously clashed with activist shareholders, but institutional investors in the integrated attempt to put pressure on him were unusual and the effort to fund the funds to change the company was an increasingly.
The signatures of the letter contain only 0.25 percent TeslaIts share, the move, highlights how the Billionaire Polarizing position in US politics has made it clear that some resource directors have made him more clear to challenge him.
The letter states, “The current crisis of Tesla intensified long -term problems in the agency that arises from the absence of CEO, which is widened by a board, which is reluctant and unwilling to act in the best interests of all Tesla shareholders, demanding the full time of the mask on Tesla.”
In the face of growing shareholders anxiety and reduction sales, Kasturi has promised to re -focus on Tesla’s efforts on Tesla and President Donald Trump has promised to return his role in the administration. Tesla’s shares have returned since the announcement of the musk, but in December 17 percent has dropped from their top.
Tesla did not immediately respond to any request for the comment.
The musk has long been criticizing the use of small steak to impact employees in investors.
A 54 billion dollar salary agreement of 2018 has been rejected by the Delaware Trial Court twice after challenges by shareholders with about 200 shares. An application of Tesla will be heard later this year.
The Financial Times reported that the Tesler board had formed a committee Consider a new pay package For muscle
The letter of the Pension Fund states that any new remuneration plan for the musk should include the promise of dedication to a minimum of 40 hours per week to run Tesla.
“Giving the role of musk in the four non -governmental organizations and its foundations, the board must ensure that Tesla will not be considered just as one of many competitive obligations,” added.
Kasturi had earlier stated that social media group X, its artificial intelligence initiative, needed a new pay package to focus on Tesla for its companies, including Jai, SpaceX, Neurally and Boring Company.
Pension Funds worked with the SOC Investment Group, an investment force at the strategic organizing center – an alliance of trade unions that fought a proxy against Starbucks earlier this year and became a symbol of organized labor movement in the United States.
“I do not think we need Tesla’s new CEO whether we need Tesla’s new CEO,” said Tejal Patel, executive director of SOC Investment Group. “The board should really be used as an opportunity to bring the company back to the track.”
The letter also states that the Tesler Board should design an inheritance plan that applies to the top executives of the organization, and a new director should be appointed who is “truly independent … without any personal relationship with other board members”.
Elizabeth Steiner, the state treasurer of Oregon’s signature in the letter, said: “If you are no longer ready to be Tesla’s CEO, then just help us understand the next CEO.”
The musk said last week He will scale the back His heavy political expenses, and social media, posted that he would make more efforts to his business empire.
He wrote in X -“to spend 24/7 in conference/server/factory rooms and to sleep. I must be concentrated on X/XAI and Tesla toward XAI and Tesla.
The musk helped establish the so -called Government Skill Department (Dosage), which is seeking to reduce trillion spending from the US budget. However, the controversial role has created a response against Tesla. Some customers have avoided the brand and it has faced demonstrations in dealerships and vandals aimed at its vehicles.
Randy Wengrten, president of the American Federation of Teachers, represents $ 4TN members for retirement in a US Union, saying: “It’s obviously in a crisis now. … And now it needs intensive care.”
By the end of February, AFT called for “rewind” to “rewrite” six large money managers – Blackrock, Vanguard, State Street, T Row Price, TIAA and TIAA to “reconsider” their location in the company after a severe decrease in the price of AFT Tesla’s share price.
Tesla Shareholders supported Kasturi and the Board to press on to restore his 2018 pay deal and allowed to remove the company’s inclusion in less Texas last year.
