Should CEO Safety Be A Greater Concern For Boards?
According to news reports, Tesla CEO Elon Musk recently revealed that within the past year, two attempts have been made on his life. This revelation prompted Tesla shareholders to pen a letter to the company’s corporate board asking that more resources be allocated to provide greater security for Musk and others.
Last week’s assassination attempt against former President Donald Trump certainly has heightened concerns about security for high profile individuals. Given the level of angry rhetoric being exchanged over everything from politics, abortion rights, climate change, ESG policies and diversity initiatives, should corporate boards be more concerned about safety than they have been in the past?
The letter to Tesla’s board, submitted by shareholder Alexandra Merz, states, “We are writing to you on behalf of the undersigned group of concerned shareholders regarding the security measures currently in place for Elon Musk, the Board members, Tesla employees, and company site… We believe that protecting the human capital and physical assets of Tesla is paramount to the company’s continued success and innovation.”
For most companies, a review of security measures and the budget allocated for those efforts is at least worth a review. News reports say Tesla spent approximately $2.4 million on security services for Musk in 2023. Not every company will need to spend on that level to safeguard their CEO, but boards should consider whether it is time for CEO safety and security measures to receive an upgrade.
It is important to note that the Tesla shareholders stressed that security for “Elon Musk, the Board members, Tesla employees, and the company site” be part of a comprehensive review of security and safety measures that would benefit the overall organization. Companies should adopt that approach. There are many questions to consider:
Are personal security guards needed? For controversial and outspoken CEOs like Musk, personal security is a major concern. Around-the-clock security is a judgement call. However, any CEO may require a personal security detail when traveling abroad or when making public appearances, depending on the nature of the work they are involved in or the meetings they are attending.
What security measures are in place for protests and demonstrations? Companies may need to reevaluate what their vulnerability to onsite protests are – whether the actions come from outside groups or employees. While protests in recent years have rarely been violent, is there a plan in place should violence over labor negotiations or the company taking a position on a very controversial issue occur? This may now be a major safety and security issue for many organizations.
Is the company in compliance with industry mandated employee safety regulations? A review of safety and security measures provides an opportunity to determine if safety procedures are working or if upgrades are needed. Compliance with occupational health and safety legal requirements can improve employee productivity and avoid fines and employee lawsuits.
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1:00 - 5:00 pm
Over 70% of Executives Surveyed Agree: Many Strategic Planning Efforts Lack Systematic Approach Tips for Enhancing Your Strategic Planning Process
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2:00 - 5:00 pm
Female leaders face the same issues all leaders do, but they often face additional challenges too. In this peer session, we will facilitate a discussion of best practices and how to overcome common barriers to help women leaders be more effective within and outside their organizations.
Limited space available.
10:30 - 5:00 pm
General’s Retreat at Hermitage Golf Course
Sponsored by UBS
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