"sad if not damning"
"Index funds do no fundamental research, yet dominate institutional voting. Index-based investing is a form of socialism. Our investment system is broken,"
Cathie Wood condemned growing resistance to Elon Musk's proposed roughly $1 trillion Tesla pay package and criticized the financial system enabling the pushback. She called it "sad if not damning" that proxy advisory firms wield significant influence over shareholder votes. Institutional Shareholder Services (ISS) and Glass-Lewis urged shareholders to reject the package ahead of Tesla's Nov. 6 meeting, citing dilution of existing shares and excessive board flexibility. The proposal would grant Musk about 29% of the company, up from roughly 13%. Wood criticized index funds' voting dominance and called index-based investing a form of socialism, while ARK Invest says proxy firms fail to see Tesla's potential.
Read at Fortune
Unable to calculate read time
Collection
[
|
...
]