Submission + - When is Tesla's Next Annual Meeting?
In Texas, where Tesla is incorporated, the law requires companies to hold annual meetings no later than 13 months since the previous meeting. In Tesla’s case, that would be Sunday, July 13. Tesla has not announced a date for a meeting or filed any proxy statements — the documents that describe the annual meeting’s agenda, the candidates for the board and proposals to be voted on.
The meeting would normally provide shareholders an opportunity to speak directly to Tesla’s board and to Elon Musk, the chief executive, at a critical time for the company. Tesla sales have been plunging, and the stock price has fallen almost 40 percent from a peak in December.
It is unclear whether there would be any consequence for missing the deadline — Texas law does not stipulate any penalties, and there are few legal precedents. In an extreme scenario, Nasdaq could de-list the company. Large shareholders, such as pensions and mutual fund managers, sent a letter to the board in late May practically begging Musk to devote at least 40 hours a week to focusing on the company.
An annual meeting may hardly matter. In May, the SEC allowed Tesla to omit six of eight proposed shareholder resolutions from its upcoming proxy statement. The board of directors has long been seen as acting at Musk's direction, rather than the other way around, leading to a lawsuit over Musk's enormous pay package. “It’s hard for me to imagine any other board of a major corporation allowing the kind of plummeting stock price and deleterious behavior of a C.E.O. as this board has allowed to happen,” Brooke Lierman, the Maryland comptroller, said in an interview.