A group of large pension funds has demanded that Elon Musk commit to work at least 40 hours a week at Tesla, calling for corporate governance reforms to address a “crisis” at the carmaker.
The letter sent to Tesla chair Robyn Denholm on Wednesday was signed by 12 long-term institutional investors including the New York City Comptroller, the American Federation of Teachers, as well as European funds such as Denmark’s AkademikerPension. Together they manage about $950bn in assets [Seems low. —lambert]
While the letter’s signatories hold only 0.25 per cent of Tesla’s shares, the move highlights how the billionaire’s polarising position in US politics has made some asset managers more outspoken in challenging him.
The pension funds worked with the SOC Investment Group, an investment arm of the Strategic Organizing Center — a coalition of trade unions that waged a proxy battle against Starbucks earlier this year and has become a symbol of the resurgent organised labour movement in America.
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