Monday, September 20, 2021

Tesla's Proxy Makes Interesting Reading. Here's What to Look For - Bloomberg

Last updated Wednesday, August 4, 2021 03:00 ET , Source: NewsService

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What to Look for in Tesla’s Proxy

Hello everyone! I am back in California after a splendid two-week vacation and wondering, still: where is Tesla’s proxy?

It’s a document that makes for interesting reading every year, but this one could be particularly compelling, since it may address whether Elon Musk wants to retake the role of chairman. He lost the position as part of a settlement with the Securities and Exchange Commission over his ill-fated attempt to take Tesla private in 2018.

The SEC agreement, announced in September of that year, required Musk to step down from the role and be replaced by an independent chairman for three years. Time flies: the three years are almost up.

Publicly traded companies are required to file a proxy statement — typically a hefty document — so that investors have the information they need before annual shareholder meetings. Tesla hasn’t announced yet when its meeting will be; last year, it was held in September in conjunction with Battery Day and felt more like an afterthought.

Proxies are where you find proposals to shake up board of directors. In 2019, Tesla filed it in April on Good Friday, when markets in the U.S. are closed. It contained a couple of bombshells about...

Read Full Story: https://www.bloomberg.com/news/newsletters/2021-08-04/tesla-s-proxy-makes-interesting-reading-here-s-what-to-look-for

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