Tesla shareholders widely follow the recommendations of the board of directors at the annual meeting

Aug 4 (Reuters) – Tesla Inc (TSLA.O) Shareholders voted in line with board recommendations on most issues at the company’s annual meeting on Thursday, reelecting board members, approving a stock split, and rejecting a number of proposals focused on environment and governance.

Votes on three of the 13 proposals did not follow the board’s recommendations, according to preliminary statistics presented at the annual shareholder meeting in Austin, Texas.

Despite the board’s opposition, shareholders approved an advisory proposal that would increase investors’ ability to nominate directors, and two board proposals did not receive the supermajors needed to pass.

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These two proposals relate to cutting board member terms to two years and eliminating the requirement for an absolute majority.

CEO Elon Musk spoke to the crowd in Texas, outlining his plans for expansion.

Musk said that the company aims to achieve a production run rate of two million cars annually by the end of 2022 and will continue to build factories.

Tesla has plants in California and Shanghai and is condensing two more in Austin, Texas and Berlin. Musk said that Tesla may be able to announce an additional plant this year and eventually predicted it will have 10-12 so-called Giga factories.

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Additional reporting by Ankur Banerjee and Akash Sriram in Bengaluru; Additional reporting by Peter Henderson in Oakland and Kevin Kroliky in Detroit; Editing by Anil de Silva

Our criteria: Thomson Reuters Trust Principles.

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