Tesla Chair’s Re-Election to Board Opposed by Second Proxy Firm

Tesla Inc. investors should vote against the re-election of Robyn Denholm to the carmaker’s board due to an arrangement with Elon Musk that raises corporate governance concerns, according to the second-largest proxy-advisory firm.

Glass Lewis criticized Tesla’s decision not to renew its directors’ and officers’ liability policy due to high premiums quoted by insurers. Tesla disclosed in April that Musk, its chief executive officer and a board director, agreed to personally provide coverage for a year.