QUORUMCALL//GPT:
Senator Elizabeth Warren has written to the Securities and Exchange Commission (SEC), urging them to examine Tesla’s board for potential violations of a 2018 settlement.
THE CONCERN
• Warren has pointed out that three of Tesla’s board members have connections to CEO Elon Musk, potentially violating a 2018 SEC settlement stipulating that Tesla’s board must consist of independent directors.
• The Senator’s letter to the SEC also highlights that Tesla’s board has not had a lead independent director for almost two years.
THE 2018 SETTLEMENT
• The 2018 SEC settlement followed Musk’s tweet about having secured funding to take Tesla private, which was found to be misleading.
• Under the terms of the settlement, Musk was required to step down as the Chairman of Tesla’s board, and the board was required to consist of independent directors.
TOPICS COVERED
#SEC #Tesla
NOTE
This article is from MSN Money, providing up-to-date and comprehensive coverage of financial news and market trends.
