Boeing 737 Max's anti-stall software, known as MCAS, has been cited as a possible contributor to the tragic crashes.
Following the crashes, Boeing grounded planes in mid-March, cut production of the Max 737 by 20 per cent, and ceased deliveries of the aircraft, according to CNBC.
The auto-pilot program, which automatically forces the nose of the plane down to prevent a stall during takeoff, is the suspected caused of two deadly crashes involving the type of aircraft. "The MCAS system was found to be operationally suitable".
ISS said uncertainty about the long-term impact on Boeing related to safety problems with the 737 MAX was serious enough to merit having an independent board chair. The advisory firm recommended that Boeing shareholders vote to remove Lawrence Kellner, the committee's chairman, from the board.
The accidents, loss of lives and damage to Boeing's reputation "indicate a potential lapse in the board's oversight of risk management", Glass Lewis said in the report. "Boeing has yet to submit the final software package". Boeing aims to finish fixing the planes in late April, and changes would have to be submitted to the Federal Aviation Administration and foreign regulators for approval.