SEC Clears Tesla Auto-Vote Plan
The SEC has approved a Tesla-crafted plan allowing companies to offer automated proxy voting for retail investors. While aiming to boost low participation rates, corporate activists warn the move diminishes their influence.
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TESLA INC secured regulatory clearance on Tuesday morning for an automated proxy-voting plan, drawing sharp pushback from corporate activists over voting power shifts. The SEC approval expands retail investor participation from 30% toward institutional levels of 77%. The decision follows a similar arrangement launched by EXXON MOBIL CORP last year, aiming to cut solicitation costs for annual meetings across the United States.
