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Tesla shareholders will vote today on a proposal to end three-year terms for directors in favor of a yearly re-election process.
Shareholder proxy services Institutional Shareholders Services Inc. and Glass Lewis & Co. have objected to Tesla filling its board with members that have close ties – personal and professional – to Chief Executive Elon Musk.
Tesla has pushed back, saying the current structure gives its directors the long-term focus necessary to execute major initiatives like the acquisition of SolarCity and a global network of Tesla showrooms and service centers.
Tesla’s stock closed Wednesday at a record high $341.01. The company’s event for shareholders will take place at 2:30 p.m. PT today at the Computer History Museum in Mountain View, CA. A livestream for shareholders is available here.