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

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

Over board opposition, shareholders passed an advisory proposal that would increase investors’ ability to nominate directors, and two board proposals did not receive supermajorities necessary to pass.

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Those two proposals concerned cutting directors’ terms to two years and eliminating supermajority requirements.

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

Musk said the company aimed to hit a production run rate of 2 million vehicles per year by the end of 2022 and would continue building factories.

Tesla has factories in California and Shanghai and is ramping up two more in Austin, Texas and Berlin. Musk said Tesla might be able to announce an additional factory this year and he expected eventually to have 10-12 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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