Market Overview

Tesla's Annual Shareholders Meeting Scheduled For July 7

Tesla's Annual Shareholders Meeting Scheduled For July 7

Tesla Inc.’s (NASDAQ: TSLA) 2020 annual shareholders meeting will be held on July 7, 2020, at 2:30 p.m. Pacific Time, at the Computer History Museum located in Mountain View, California.

What Happened

According to a filing made to the Securities and Exchange Commission Thursday, the agenda for the meeting includes seven items. The Tesla board recommends a “FOR” vote for three items: a proposal to elect three Class I directors, a proposal to approve executive compensation, and a proposal to appoint PricewaterhouseCoopers LLP as the company’s accountant for the year ending December 31, 2020.

The board recommends an “AGAINST” vote for four shareholder proposals: the first regarding paid advertising, the second regarding simple majority voting provisions in Tesla’s governing documents, the third regarding employee arbitration and the fourth regarding additional reporting on human rights.

Why It Matters

All shareholders, as of the close of business on May 15, 2020, can attend the meeting and cast their votes, according to the SEC filling.

Shareholders unable to cast votes physically can do so by telephone, internet, or mail. The meeting will also be webcast

The company will monitor public health and travel safety protocols recommended by federal, state, and local governments. If any changes are made due to safety concerns, they will be communicated through a press release and/or a filing with the SEC.

In its filings with the SEC, the automaker disclosed that its CEO, Elon Musk, would be paid a performance incentive to the tune of $775 million in 1.7 million Tesla shares.

One of the shareholder proposals the company’s board is opposing calls for Tesla to use paid advertising. Musk himself is opposed to such a practice, tweeting last year, “We don’t buy advertising.”

Tesla Price Action

Tesla shares traded 0.15% higher at $807 in the after-hours session on Thursday. The shares had closed the regular session 1.76% lower at $805.81.


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