US regulators OK Tesla proxy voting

The U.S. Securities and Exchange Commission has approved Tesla's plan that enables automatic proxy voting for individual investors, aiming to increase their participation in voting during annual meetings. The plan seeks to enhance engagement among investors whose current voting turnout is approximately 30%, compared to 77% for institutional investors, and to reduce the costs companies spend to incentivize voting. Tesla acknowledged that limited access to an easy-to-use voting method affects individual investors’ ability to express their opinions. The commission considered that this measure would help companies reduce costs and boost shareholder participation. However, activist shareholders warned that the plan could diminish their influence in voting processes in favor of management, especially since it aligns with current market management trends.

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