Here are all the things Tesla investors will be voting on at the company's annual meeting this week
- Tesla's annual shareholder meeting is set to kick off at 2:30 PM local time on Wednesday in California.
- Investors will be voting to re-elect two board members, as well as on proposals relating to supermajority voting and a public policy committee.
- A major proxy advisory service is urging shareholders to vote against Ira Ehrenpreis's re-election.
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Tesla shareholders will convene for the company's annual investor meeting on Tuesday afternoon in California, amid one of the company's most challenging months yet.
Since they last assembled in 2018, Tesla's market value has declined by more than 30% thanks to a failed bid to take the company private by CEO Elon Musk, which resulted in $20 million fines for himself and the company as part of a settlement with federal regulators.In April, shortly after Tesla and the SEC agreed on new terms regarding Musk's social media usage to end the months-long legal battle, Tesla announced that four members of its board of directors will leave their posts after their tenures are up.
Brad Buss and Linda Johnson Rice will leave the board following Tuesday's meeting, and Steve Jurvetson - who returned from an extended leave of absence stemming from sexual misconduct allegations at his venture capital firm in April - will leave in 2020 along with Antonio Gracias shortly after.
In addition to the board reshuffling, investors will have plenty of other issues on their minds after the challenging last 12 months of Tesla's business. Falling deliveries and quarterly earnings in the first half of 2019 also weighed on the stock, which traded below $200 per share in May before recovering slightly. In past years, Tesla's stock price has risen dramatically following announcements at the company's annual meeting.
This year, shareholders will consider the re-election of two board members, new equity incentive and employee stock purchase plan, recertification of the company's outside accounting firm, a proposed public policy committee, and proposed simple majority rule to replace the current super majority.
Here are all the proposed items for Tesla's annual shareholders' meeting on Tuesday:
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