A large pension fund has addressed a letter to Tesla shareholders recommending that they vote against the reelection of Kimbal Musk and James Murdoch and against Elon Musk’s massive stock package, ahead of Tesla’s shareholder meeting on June 13.
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Tesla (TSLA) 2016 Annual Meeting of Stockholders (the “2016 Annual Meeting”) will be held tomorrow on Tuesday, May 31, 2016, at the Computer History Museum in Mountain View. If you can’t attend, don’t worry because as usual Tesla will be live-streaming the event on its website.
The meeting generally starts with a formal part for shareholders to vote on a few things. Last year it was a little more complicated because of two shareholder proposals about the use of leather in Tesla’s vehicles, but this year it should be fairly straightforward. Shareholders will vote on the reelection of two board directors, the reappointment of Tesla’s public accounting firm and on a stockholder proposal to eliminate limited supermajority voting requirements.
After the formal part, CEO Elon Musk should make a short presentation followed by a Q&A session. The Q&A is most entertaining part of the event and Musk generally releases a few interesting nuggets of information. This time will be a little different though as Tesla will apparently take questions voted by the community ahead of time.
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Tesla has yet to deliver a single Model 3 and probably won’t for another 18 months, but the fact that close to 300,000 people already signed up to pre-order the vehicle is already disrupting the industry. During Daimler’s annual shareholders meeting in Berlin on Wednesday, several shareholders have expressed concerns over Silicon Valley-based companies – especially Tesla – leading the electric vehicle market.
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