Tesla held its shareholder meeting today and the preliminary results of the votes on the shareholder proposal to remove Elon Musk from his position as Chairman of the board show overwhelming support for Musk.
Shareholders are also voting on the reelection of 3 board members and it looks like they are all going to be officially reelected.
A previously reported shareholder proposal to force Tesla to have an independent chairman of the board, a position currently held by Tesla co-founder and CEO Elon Musk, didn’t pass a shareholder vote.
Tesla’s General Counsel Todd Maron confirmed during the meeting that the proxy votes already accounted for before the meeting showed a “super majority” against the proposal.
As for reelection of board members Antonio Gracias, Kimbal Musk, and James Murdoch, they were all reelected.
Normally, the reelection of board members at Tesla is only a formality with the only hiccup being some shareholders asking the company to add independent board members, which it eventually did.
But this time, there was a push by investor activists to remove some board members who are not independent or don’t have auto industry experience.
The push has now failed as shareholders are apparently siding with Tesla’s board.
The meeting is still ongoing and we will be releasing the most important news coming out of the event: