Tesla Shareholders Endorse Elon Musk’s Control
At Tesla’s recent annual shareholder meeting, the most notable event was not Elon Musk securing a nearly $1 trillion pay package, which was expected given his popularity and significant vote power. Instead, the standout moment came when shareholders, many sporting Tesla apparel and enjoying the company’s signature lo-fi music, rejected a proposal by New York State Comptroller Thomas DiNapoli.
Shareholders Reject Accountability Measure
DiNapoli’s proposal aimed to repeal a new bylaw that effectively prevents regular shareholders from suing Tesla. Despite ongoing efforts by pension fund managers, human rights advocates, and individual investors to push minimal corporate responsibility actions — such as preventing child labor in Tesla’s supply chain or tying sustainability metrics to executive compensation — shareholders consistently oppose these measures.
“Tesla’s board recommended against voting for the measure, as it does with nearly every accountability measure proposed over the years.”
Ultimately, shareholders align with Tesla’s board and Musk’s interests, rejecting attempts at greater oversight or restrictions on corporate practices.
Summary
Tesla shareholders continue to support Elon Musk’s leadership and power, voting against efforts to increase corporate accountability despite calls for more ethical business practices.