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Proxy firm Glass Lewis pulls objections against Tesla Chairwoman's reelection

Proxy advisory firm Glass Lewis said it withdrew its opposition to the reelection of Tesla Inc. Chairperson Robyn Denholm, nearly three months after it urged shareholders to vote against the move, Reuters reported Sep. 2.

Glass Lewis said Tesla's improved liability insurance policy for directors prompted it to reverse its recommendation.

In June, Glass Lewis had reportedly joined Institutional Shareholder Services in recommending Tesla shareholders to vote against the reelection of Denholm, citing that board members could become dependent on CEO Elon Musk, who personally provided insurance liability policies for directors and officers.

Institutional Shareholder Services, or ISS, in its recommendation against Denholm's reelection, expressed concerns over Denholm's leadership, under which the company approved consecutive years of high compensation for directors without reasonable rationale.

Glass Lewis and Institutional Shareholder Services did not immediately respond to emailed requests for comment from S&P Global Market Intelligence.