Monday, May 20, 2024

Tesla’s annual shareholders meet in May: 5 proposals that will be put to vote

Electric vehicle maker Tesla Inc. will hold its its annual shareholders meeting on 16 May, where it will put up five proposals for vote. 

The five proposals are –

1. Tesla co-founder JB Straubel’s nomination to the board. The former chief technology officer, who stepped down in 2019, is set to come back to Tesla if shareholders vote for him.

2. Tesla investors to vote on how frequently they want non-binding, advisory vote on executive officers’ compensation.

Shareholders can choose between 1, 2 and 3-year intervals for the non-binding vote on executive compensation.

3. Tesla’s Iceland-based investor Sumtris has proposed to identify key persons, succession processes and other “actions to ameliorate the impacts of their potential loss”. However, the company has asked investors to vote against the proposal, saying it would cause unnecessary competitive harm.

4. The EV maker board has asked shareholders to vote in favour of a compensation plan for its four executives– Elon Musk, Tom Zhu, Andrew Baglino and Zachary Kirkhorn–on an advisory basis.

5. The automaker has urged shareholders to vote for PricewaterhouseCoopers to continue as its financial auditor for 2023. For the past 17 years, PWC has been auditing Tesla’s financial statements.

The above proposals were disclosed in a filing on Thursday. Last year, votes on only three of the 13 proposals went against the recommendations.

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