After market close today, Tesla announced that it will hold its 2017 Stockholders Meeting on June 6, 2017, at 2:30 p.m., Pacific Time, at the Computer History Museum in Mountain View – where they held the last few meetings.
Any stockholder of record at the close of business on April 13, 2017 can attend the meeting, where shareholders will vote to reelect CEO Elon Musk as director, along with 2 other board members.
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The two other board members up for reelection are Robyn M. Denholm and Stephen T. Jurvetson.
Shareholders will also vote on executive compensation, the appointment of PricewaterhouseCoopers LLP as Tesla’s independent registered public accounting firm, and a stockholder proposal regarding declassification of the Board of Directors.
The board is recommending shareholders to vote “for” on all items on the agenda – except for the stockholder proposal.
The Connecticut Retirement Plans and Trust Fund (“CRPTF”), which owns 45,567 Tesla shares, is asking for all directors to stand for election annually. The request comes as some shareholders expressed concern over the links between Tesla’s board members and Elon Musk and his other companies.
In response, Musk said that Tesla plans to appoint two independent board member “fairly soon”, but they don’t want to have to reelect them every year.
They issued an opposing statement against the proposal in which they claim that the company’s long-term mission doesn’t align with short-term board appointments:
“The Company’s mission, which is to accelerate the world’s transition to sustainable energy, requires particularly long-term strategic planning by our Board. By providing directors with staggered three-year terms, our current Board structure allows our directors to maximize the interests of the Company and our stockholders over the long-term, without being distracted by special interests that seek only short-term returns.”
You can read the full statement and proposal in the document attached below.
At the meeting, after they get the official items out-of-the-way, Musk generally comes on stage for a quick presentation and then he answers questions from shareholders.