Tesla shareholders, start your engines.
When Tesla Inc. (TSLA - Get Report) holds its annual meeting on Tuesday, the electric car maker will find out if shareholders believe the Model 3 production delays and Elon Musk's Trump-esque tweets reflect lax board oversight.
Venture capitalist Antonio Gracias, Elon Musk's brother Kimbal Musk and Twenty-First Century Fox Inc. (FOXA) CEO James Murdoch are up for re-election.
Tesla lists reasons to vote for all three in its proxy filings, and states that all of its directors, except Elon and Kimbal, meet the Nasdaq's standards for independence.
Pension fund adviser CtW Investment Group, the Connecticut Retirement Plans & Trust Funds, Glass Lewis & Co. LLC, Institutional Shareholder Services Inc. and others have pushed for changes in the board, however.
CtW launched a "vote no" campaign urging investors to cast their ballots against all three in a May letter. "Despite the fact that Tesla's performance looks quite troubled and despite our urging shareholders to vote against these three directors, what the company and what Elon Musk in particular have been doing is a continued pattern of strange and outrageous statements combined with the announcements of new initiatives," said Rich Clayton of CtW, which advises union-sponsored pension funds.
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