ANNAPOLIS, MD—Maryland Comptroller Brooke Lierman has joined a coalition of 13 state financial and investment officers urging Space Exploration Technologies Corp., known as SpaceX, to strengthen its corporate governance protections ahead of its proposed initial public offering.
The coalition, led by the Council of Institutional Investors, detailed its concerns in a letter (PDF) addressed to SpaceX founder, chief executive officer, and chairman Elon Musk and the company’s board of directors. The organization represents U.S. asset owners with about 5.2 trillion dollars in combined assets under management.
The letter warns that the corporate governance framework outlined in SpaceX’s public offering documents would severely restrict the ability of public investors to hold the company’s leadership accountable…