Tesla 2023 Annual Meeting scheduled for May 16, co-founder JB Straubel nominated for Board position

Tesla has announced a date for its 2023 Annual Meeting of Stockholders. The meeting will see one member of the Board of Directors step down from their position, with a Tesla co-founder nominated to join the Board.

In a regulatory filing published on Thursday, Tesla says the meeting will take place at 3:00pm Central Time on May 16, 2023 at Gigafactory Texas. The meeting will be livestreamed for anyone to watch, but a “shareholder of record” will also be able to submit votes and written comments during the meeting with their unique 15-digit secure “control number” which can be obtained through your broker.

Additionally, a limited number of shareholders will be invited to attend in person. The process to sign up for a chance to attend in person is simple, visit this link and enter your Tesla account credentials to be entered into a random draw. You must have previously submitted your Shareholder Status in order to be allowed to enter the draw. The deadline to enter is Friday, April 14, 2023 at 11:59pm Central Time. Tesla says the winners will be contacted during the week of April 17, 2023.

As for the meeting itself, Tesla will go through five items of business. Those items are listed below, along with the Board’s recommendation on each item.

Agenda Item Board Vote Recommendation
Tesla Proposals
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 (“Proposal One”). “FOR EACH COMPANY NOMINEE”
2. A Tesla proposal to approve executive compensation on a non-binding advisory basis (“Proposal Two”). “FOR”
3. A Tesla proposal to approve the frequency of future votes on executive compensation on a non-binding advisory basis (“Proposal Three”). “EVERY THREE YEARS”
4. A Tesla proposal to ratify the appointment of PricewaterhouseCoopers LLP as Tesla’s independent registered public accounting firm for the fiscal year ending December 31, 2023 (“Proposal Four”). “FOR”
Stockholder Proposals
5. A stockholder proposal regarding reporting on key-person risk, if properly presented (“Proposal Five”). “AGAINST”

According to the regulatory filing, current Board member Hiromichi Mizuno will not be seeking re-election when his term expires at the meeting. Mizuno, a Japanese investment manager and businessman, has been a member of the Board since 2020.

Set to take his place is Tesla co-founder JB Straubel, who currently heads his company Redwood Materials. The company is working to drive down the costs and environmental footprint of lithium-ion batteries by offering large-scale sources of domestic anode and cathode materials produced from recycled batteries., according to his bio.

Straubel has been nominated as a Class I director. With the Board’s recommendation, and given his popularity amongst the Tesla community, he is all but guaranteed to be voted in.

Redwood Materials to recycle EV batteries from VW and Audi

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