Tesla shareholders broadly follow board recommendations at annual meeting

Tesla shareholders broadly follow board recommendations at 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, re-electing directors, approving a stock split and rejecting a number of environment-focused proposals and governance.

Votes on three of the 13 proposals fell short of the board’s recommendations, according to preliminary tallies presented at the annual shareholder meeting in Austin, Texas.

Despite board opposition, shareholders passed an advisory proposal that would increase investors’ ability to appoint directors, and two board proposals failed to receive the necessary supermajorities to pass.

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These two proposals concerned the reduction of the mandate of directors to two years and the elimination of supermajority requirements.

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

Musk said the company aims to reach a production rate of 2 million vehicles per year by the end of 2022 and will continue to build factories.

Tesla has factories in California and Shanghai and sets up two more in Austin, Texas and Berlin. Musk said Tesla may be able to announce an additional factory this year and expects to eventually have 10 to 12 so-called gigafactories.

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Reporting by Ankur Banerjee and Akash Sriram in Bengaluru; additional reporting by Peter Henderson in Oakland and Kevin Krolicki in Detroit; Editing by Anil D’Silva

Our standards: The Thomson Reuters Trust Principles.

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