Elon Musk Tweets That Tesla’s Annual Meeting Will Be Postponed
Yesterday, Tesla CEO Elon Musk announced via Twitter that the company’s annual shareholder meeting scheduled for July 7, 2020, will be postponed. Musk cited the public gathering restrictions in place in California due to COVID-19 as the reason for the delay.
Yes, but we will have to postpone annual shareholder meeting, as still no large gatherings allowed by July 7th. Not sure of new date, but am guessing maybe a month or so later.
— Elon Musk (@elonmusk) June 20, 2020
In a Securities and Exchange Commission (SEC) proxy statement filing on May 28, Tesla outlined 7 key agenda items to be voted on by company shareholders. Several issues to be considered by shareholders are becoming contentious.
Some proxy advisors are reportedly leaning away from supporting Tesla’s high compensation for directors as well as the significant increase in the amount of shares pledged by Tesla directors and executives. (“A Tesla proposal to approve executive compensation on a non-binding advisory basis [“Proposal Two”].)
A requirement for the company to report details about the effects of mandatory arbitration on its employees is also gaining momentum. According to research by Nia Impact Capital, mandatory arbitration can engender and serve to conceal harassment in the workplace. (A stockholder proposal regarding reporting on employee arbitration, if properly presented [“Proposal Six”].) On June 19, Nia Impact Capital received a preliminary vote of 70% for a related proposal at Fortinet, whose shareholders voted to require the company to release quantitative diversity data.
The question as to whether or not Tesla should join ranks with the world’s legacy automakers and incorporate traditional advertising channels into its marketing strategies has also produced a lot of commentary. (A stockholder proposal regarding paid advertising, if properly presented [“Proposal Four”)].
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Musk added in the tweet responding to one of CleanTechnica’s articles that the popular new addition to the Tesla catalog, the Cybertruck, would indeed debut at the Petersen Automotive Museum this weekend. The museum website says it “thrives as a progressive, globally respected center for automotive research and collecting; the focal point for automotive history, culture and enthusiasm in the United States; and a premier educational institution in Los Angeles.” The museum is reopening from lockdown this weekend, with several events scheduled to celebrate the new beginning.
Stop by The Petersen is you’d like to see Cybertruck irl! Lots of awesome cars & bikes there. Definitely worth seeing with or without Cybertruck.
— Elon Musk (@elonmusk) June 20, 2020
Also impacted recently due to the coronavirus business closings and individual sheltering-in-place requirements was Tesla’s Battery Day. Tesla researches and develops many aspects of battery improvement, including testing new cell chemistries, exploring new sources of supply, devising easier and cheaper ways to assemble battery packs, and securing supplies of raw materials such as lithium. Battery Day will be a way for Tesla to update the public about its R&D, which continues to be significantly ahead of auto competitors. Many fans are eagerly awaiting what will be revealed there, but it keeps getting pushed off.
Musk wrote that since both the shareholder meeting and Battery Day converge in time, combining them would make sense and likely be coordinated, with new dates revealed in coming weeks, hopefully.
Probably good to combine them, since they are converging in time. I’m hopeful we can announce a date after the July 4th week.
— Elon Musk (@elonmusk) June 20, 2020
The original shareholder meeting was set to convene at the Computer History Museum in Mountain View, California.
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