Tesla Releases Its Agenda For 2020 Shareholder Meeting

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Tesla just released its agenda for its annual shareholder meeting that will take place on September 22, 2020. Twitter user, Kelvin Yang shared a screenshot of the agenda. There’s a lot to unpack from this highly anticipated meeting, so let’s jump in.

pic.twitter.com/BBaHkFhrRf

— Kelvin Yang (@KelvinYang7) August 14, 2020

The meeting will be located at Tesla’s Fremont factory in California and Tesla will also webcast its annual meeting live. Tesla noted that its agenda of the 2020 Annual Meeting will be the following, and it included whether Tesla’s Board of Directors voted for or against each item:

1. A Tesla proposal to elect three Class I directors to serve for a term of three years or until their respective successors are duly elected and qualified. The board voted in favor.

2. A Tesla proposal to approve executive compensation on a non-binding advisory basis. The board voted in favor of this.

3. A proposal to ratify the appointment of PricewaterhouseCoopers LLP as Tesla’s independent registered public accounting firm for the fiscal year ending December 31, 3030. The board voted in favor.

4. A stockholder proposal regarding paid to advertise–if properly presented. The board voted against this so Tesla won’t be paying for advertising anytime soon.

5. A stockholder proposal regarding simple majority voting provisions in Tesla’s governing documents, if properly present. The board voted against this.

6. A stockholder proposal regarding reporting on employee arbitration. The board voted against this.

7. A stockholder proposal regarding additional reporting on human rights. The board voted against this.

Tesla noted in its invitation to its shareholders that they are invited to attend the meeting. However, due to the ever-changing travel regulations (thanks, Covid), Tesla will announce more specific details about check-in procedures closer to the date of the meeting. Tesla also plans to announce the time and any additional information about check-in procedures for those who will be attending its separate Battery Day presentation.

“Your vote is very important,” Tesla noted in the email. “Whether or not you plan to attend the 2020 Annual Meeting, we encourage you to read the updated proxy statement and vote as soon as possible,” the company said in the email.

My broker send me links

— Kelvin Yang (@KelvinYang7) August 14, 2020

Tesla and Advertising

Tesla has a long stance against paid advertising, as the company would rather focus the millions or billions that other companies pay in advertising annually on more important things such as perfecting its products. The money that could have been spent on advertising probably enables the company to do more things such as building new factories, providing jobs, and sourcing materials.

Also, the fact that every move its CEO makes is scrutinized by the media and politicians keeps Tesla constantly in the news — it really doesn’t need to pay for advertising. Last month, Elon Musk had an idea about advertising where Tesla could support high-quality media, but for now, the board voted against paid advertising.

At some point, we should probably do advertising as art/communication/entertainment & to support high quality media

— Elon Musk (@elonmusk) July 21, 2020

Tesla Vote on Human Rights

Last month, it was reported that Tesla was asked to report on human rights amid its cobalt deal with Glencore. Tesla’s board voted against this. The folks at Investor Advocates for Social Justice believe that Tesla and other automakers should report on human rights. Mary Beth Gallagher, executive director of Investor Advocates for Social Justice, emphasized a “real need,” and said, “It seems like they’re just increasing their cobalt use.”

I think it should be noted that Tesla has made commitments in favor of human rights and that it only sources from ethical sources. Last year, Glencore was in hot water since one of its mines was entangled with child labor. Glencore stated that the mine has been overrun by artisanal miners who used child labor and they can’t even access their own mine. Glencore has tried to work with the DNC, but so far, it doesn’t seem to be interested in resolving the situation.