Today, Tesla CEO Elon Musk, via Twitter, said that the company will have to postpone the annual meeting of shareholders, since until July 7 there is still no permission to hold large gatherings. The new meeting date will be announced no earlier than in a month.
Also, due to the impact of Сovid-19, the Battery Day was not held. Musk wrote that since both events converge in time, combining them would be a good idea. The date will be announced after the end of July.
Yes, but we will have to postpone annual shareholder meeting, as still no large gatherings allowed by July 7th. Not sure of new date, but am guessing maybe a month or so later.— Elon Musk (@elonmusk) June 20, 2020
Probably good to combine them, since they are converging in time. I’m hopeful we can announce a date after the July 4th week.— Elon Musk (@elonmusk) June 20, 2020
According to the application submitted to the Securities and Exchange Commission, the shareholders' meeting agenda includes seven items.
Tesla's Board of Directors recommends voting “FOR” for three issues:
- A Tesla proposal to elect three Class I directors to serve for a term of three years or until their respective successors are duly elected and qualified (“Proposal One”).
- A Tesla proposal to approve executive compensation on a non-binding advisory basis (“Proposal Two”).
- A Tesla proposal to ratify the appointment of PricewaterhouseCoopers LLP as Tesla’s independent registered public accounting firm for the fiscal year ending December 31, 2020 (“Proposal Three”).
The board recommends an “AGAINST” vote for four shareholder proposals:
- A stockholder proposal regarding paid advertising, if properly presented (“Proposal Four”).
- A stockholder proposal regarding simple majority voting provisions in our governing documents, if properly presented (“Proposal Five”).
- A stockholder proposal regarding reporting on employee arbitration, if properly presented (“Proposal Six”).
- A stockholder proposal regarding additional reporting on human rights, if properly presented (“Proposal Seven”)
Battery Day is a welcome event. Tesla has published a number of patents that hint at significant achievements in the development of a new battery with long service life and lower production cost.
This meeting promises to be eventful and interesting.
About the Author
Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.