Tesla Inc. (Nasdaq: TSLA) is expected to address topics ranging from the board member’s terms to CEO Elon Musk’s penchant for going commando in Tuesday’s shareholder meeting. The action kicks off at
2:30 p.m. PST. at the Computer History Museum in Mountain View, California.
As we reported Monday, prominent shareholder proxy services Institutional Shareholders Services Inc. and Glass Lewis & Co., agree with a proposal to declassify Tesla’s board structure. Currently, Tesla board members are elected for three-year staggered terms, while the proposal requests that they are elected yearly in an effort to increase accountability.
Tesla is unlikely to change its mind on the staggering of its board, which it credits with decisions such as creating an international network of Tesla stores, service centers and Supercharger stations as well as the acquisition of SolarCity.
The company has also come under fire from some investors for the board’s closeness to Musk — five of its six members have professional or personal ties to the CEO. In April of this year, investors sent the electric vehicle giant a letter asking that the board add two additional directors who had no connections to Musk.
Tesla also tweeted out a request for questions to be asked at the board meeting, and the results were interesting to say the least:
Boxers or briefs
— Roland Scahill (@rolandscahill) June 5, 2017
Here’s where it gets really good:
Wearing anything at all is just a conspiracy by the capitalist running dogs of Big Underwear
— Elon Musk (@elonmusk) June 5, 2017
This is a metaphor for transparency. Also, f* underwear.
— Elon Musk (@elonmusk) June 6, 2017
Underwear choices aside, the company does have some good news to trumpet at today’s meeting. Tesla shares were trading up 1.8% as of Monday and up another 3.19% today ahead of this afternoon’s shareholder meeting. The stock has gained 62% in 2017 so far. This coupled with the fact that Pacific Crest goosed its price target today on Tesla shares to hit a $439 high means that Tesla’s commando commander will have a few things to brag about.
Tesla will livestream the shareholder meeting beginning at 2:30 p.m. PST.
