A shareholder proposal by the Connecticut Retirement Plans and Trust Funds (CRPTF) to reform Tesla’s board of directors was defeated by a 70-30 margin at the company’s annual meeting this week.
CRPTF, led by Treasurer Denise Nappier, had argued that Tesla’s staggered director elections were not in the best interest of shareholders.
The vote tally was 32.7 million in favor and 74.7 million against, according to a U.S. Securities & Exchange Commission filing.
