Elon Musk Tesla tweets to postpone annual meeting of shareholders

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Elon Musk, co-founder and CEO of Tesla Motors.Yuriko Nakao | Bloomberg | Getty Images

Tesla CEO Elon Musk tweeted Friday evening that the company will have to postpone its annual shareholders’ meeting scheduled for July 7 due to the coronavirus outbreak.”We have to postpone the annual meeting of shareholders, as still no large meetings authorized by July 7. Not sure of a new date, but maybe guess a month or two later, ”Musk said in his tweet.

Tesla faces pressure from proxy advisors Glass Lewis and institutional Shareholder Services (ISS) who are both urging shareholders to vote to oppose the re-election of Robyn Denholm as chairman of the board of directors of the electric vehicle maker.

Advisors have expressed concern about Tesla’s high compensation for directors, and a sharp rise in the amount of shares promised by Tesla directors and executives, including Elon Musk, since Denholm was appointed chairman of the board in November 2018.

Denholm replaced Elon Musk as chairman of the board after he was forced to drop the role as part of an amicable settlement with the SEC in his infamous tweets saying he had secured funding to take Tesla private at $ 420 a share.

Meanwhile, Nia the Capital Impact asked Tesla shareholders to vote against the board’s recommendation and require the company to provide information on the effects of compulsory arbitration on its employees. According to research carried out by Nia Impact de la Capitale, compulsory arbitration can and does serve to conceal harassment in the workplace. On June 19, Nia the Capital Impact received a 70% preliminary vote for a proposal to Fortinet, whose shareholders voted to demand from the company the quantitative release of data diversity.

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