Tesla shareholders in Nordic region gain ability to vote apart from brokerages

Credit: Tesla Asia/Twitter

Tesla shareholders in the Nordic region have gained the ability to vote separately from their brokerages, an uncommon practice that results in a big win for the automaker as its Annual Shareholder Meeting approaches.

Several firms are allowing clients to vote at Tesla’s Shareholder Meeting this week as investors called their respective brokerages and requested the ability to vote.

They usually do not have the option to vote in non-European Annual Meetings, according to Reuters, but they are giving them the option this year.

Both Avanza and Nordnet, two Swedish banking platforms, said they would let investors vote on various items, including CEO Elon Musk’s massive $56 billion pay package, because many called and requested they could vote.

Nordet said that Musk has made it clear that Tesla shareholders should have their votes heard in what could be the most crucial meeting in the company’s history.

Retail shareholders have widely been supportive of Musk receiving his pay package. They already voted to approve it in 2018, but it was pulled after Delaware Chancery Court Judge Kathaleen McCormick determined the “unfathomable sum” was not reasonable.

However, larger firms and brokerages have been relatively split between giving Musk his pay package by ratifying it and voting against his pay.

Most recently, Baillie Gifford, which was at one time Tesla’s second-largest shareholder, said it would vote to approve Musk’s package.

Meanwhile, CalSTRS said yesterday that it would not support ratifying Musk’s pay, stating that the stock was massively overvalued.

Whether Tesla is able to get the pay package approved or not remains to be seen. However, Musk said that a vast majority of retail shareholders are interested in ratifying the pay package in a post on X last week:

Evidently, Tesla likely believes individual shareholder votes could be the difference.

The Shareholder Meeting is set for this Thursday.

I’d love to hear from you! If you have any comments, concerns, or questions, please email me at joey@teslarati.com. You can also reach me on Twitter @KlenderJoey, or if you have news tips, you can email us at tips@teslarati.com.

Joey Klender: Joey has been a journalist covering electric mobility at TESLARATI since August 2019. In his time at TESLARATI, Joey has broken several big stories, including the first images of the Tesla Model S Plaid, the imminent release of the 4680 Model Y through EPA certification, and several expansions to the Lucid AMP-1 factory in Arizona, to name a few. His stories have been featured in several publications, including Yahoo! Finance, Fox News, CNET, and Seeking Alpha. In his spare time, Joey is playing golf, watching MMA, or cheering on any of his favorite sports teams, including the Baltimore Ravens and Orioles, Miami Heat, Washington Capitals, and Penn State Nittany Lions. You can get in touch with joey at joey@teslarati.com. He is also on Twitter @KlenderJoey.
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