Tesla shareholders officially approve all company proposals, backing the board on almost everything

Tesla shareholders have officially approved all company proposals at their annual shareholders meeting.

They backed the board on almost everything, including the ratification of Elon Musk's 2018 CEO compensation package and the move to Texas.

There were no surprises, as CEO Elon Musk had already leaked the results of the two main proposals.

While we do not have the official percentages yet, Tesla’s Investor Relations confirmed that all board proposals passed.

This includes the reelection of Kimbal Musk, Elon’s brother, and James Murdoch to the board.

Interestingly, shareholders also approved two proposals that the board recommended against.

The first was a proposal to reduce director terms from three years to one year.

The second was a proposal to implement simple majority voting provisions in Tesla's governing documents.

Reducing director terms to one year means more frequent elections, potentially increasing accountability.

The simple majority voting provision will make it easier for future shareholder proposals to pass, as it lowers the threshold needed for approval.

This could lead to more shareholder influence in Tesla's governance.