Tesla Sets Annual Meeting for November After Investors Prod (2)

Tesla Inc. will hold its annual shareholder meeting Nov. 6, the company said in a new filing with the Securities and Exchange Commission.

Investors on Wednesday urged Tesla’s board to set a meeting date, saying the company was in danger of violating Texas law. Texas, where the company is headquartered, mandates that companies hold annual meetings within 13 months of their previous one. That requirement put Tesla’s deadline at July 13, the New York Times reported.

“Tesla’s announcement of its annual shareholder meeting is a welcome, if belated, recognition that the rule of law applies to everyone—even the world’s richest man and his company,” New York City Comptroller Brad Lander, who signed onto a recent letter to Tesla’s board, said in a statement. “Together with other long-term investors, we will remain vigilant and hold Tesla accountable to shareholders.”

It remains unclear, however, what the November meeting date means for company’s compliance with Texas law. The state’s business code allows for “written consent instead of the annual meeting” to be executed within the 13-month period, as well. The Texas attorney general’s office could not immediately be reached for comment.

Shareholders must submit proposals to be included on the proxy ballot by July 31, according to the 8-K filed Thursday.

A Tesla spokesperson did not respond to a request for comment.

Among any new shareholder proposals that materialize before month’s end, Tesla is set to consider proposals urging the company to incorporate sustainability metrics into executives’ compensation and study harassment and discrimination prevention efforts.

Wednesday’s letter was the latest complaint from Tesla investors, whose scrutiny has been growing as they call for increased board accountability and transparency.