The Connecticut Retirement Plans and Trust Funds proposal to alter how Tesla”™s board of directors is selected was overwhelmingly defeated by the automaker”™s shareholders at its annual meeting held this week.
The CRPTF, led by Treasurer Denise Nappier, had argued that Tesla’s staggered director elections were not in the best interest of shareholders. According to a U.S. Securities & Exchange Commission filing, 74.7 million shareholders voted against the proposal, with 32.7 million voting in favor.
The CRPTF owns a small portion of Tesla, which has been trying to win state approval to sell its cars in Connecticut for the past several years.
