Same article syndicated on msn.com, without paywall:
https://www.msn.com/en-us/money/companies/new-york-californi...The issues:
> The New York and California pension systems would become holders of SpaceX shares through their passive allocations if the company is admitted to major U.S. stock indexes.
> The officials… objected to the amount of power the board has given Musk over the company, including:
- voting control over the stock,
- veto power over his own removal as CEO, and
- protections from litigation, including mandatory arbitration for SpaceX shareholder claims.
> …
> In their letter, the pension leaders urged SpaceX to:
- adopt one-share, one-vote or sunset super-voting shares within seven years;
- install a majority-independent board and separate the CEO and chair roles;
- eliminate provisions protecting Musk from termination without his approval;
- scrap mandatory arbitration; and require independent approval of related-party transactions with Musk's other companies.
(Formatting mine; moved paragraph about becoming holders above the lists of concerns and recommendations.)
The issues:
> The New York and California pension systems would become holders of SpaceX shares through their passive allocations if the company is admitted to major U.S. stock indexes.
> The officials… objected to the amount of power the board has given Musk over the company, including:
- voting control over the stock,
- veto power over his own removal as CEO, and
- protections from litigation, including mandatory arbitration for SpaceX shareholder claims.
> …
> In their letter, the pension leaders urged SpaceX to:
- adopt one-share, one-vote or sunset super-voting shares within seven years;
- install a majority-independent board and separate the CEO and chair roles;
- eliminate provisions protecting Musk from termination without his approval;
- scrap mandatory arbitration; and require independent approval of related-party transactions with Musk's other companies.
(Formatting mine; moved paragraph about becoming holders above the lists of concerns and recommendations.)