COPENHAGEN, June 11 (Reuters) - Some Nordic retail
brokerages are allowing clients to vote at Tesla's
annual general meeting (AGM) this week, departing from their
regular practice, after significant interest from investors and
online comments from CEO Elon Musk.
The June 13 AGM is shaping up as a referendum on Musk's
leadership, after a judge invalidated the CEO's $56 billion pay
package in January, calling it an unfathomable sum.
As major shareholders appear divided over whether to endorse
the package, Tesla is seeking support from retail investors who,
excluding Musk and his brother, make up 48% of the ownership, an
unusually high percentage, according to Bernstein.
Musk will need overwhelming support from retail investors
since many institutional counterparts have opted to vote against
his pay, a Bernstein note showed.
Musk in May said on social media platform X he would contact
banks and brokers that did not allow investors to cast ballots,
saying shareholders had the right to vote.
Swedish banking platforms and retail brokerages Avanza
and Nordnet both said they had decided to
let investors vote after customers requested to do so.
The two brokers, who together count nearly 150,000 Tesla
shareholders among their clients, do not normally provide the
option to retail customers to vote at non-European AGMs.
"Elon Musk has made it clear that it is important for him
that the shareholders of Tesla make their voice heard on this
year's AGM," said a Nordnet spokesperson.
"I think it is fair to say that his position has had an
indirect effect on us."
Avanza said its decision was based on requests from its
customers and the fact that Tesla was one of the most owned
stocks on its platform.
Sweden's Swedbank as a part of its regular
services registers clients' votes or helps facilitate their
digital attendance at AGMs of non-European companies for a fee
of 1,000 crowns ($95.23), a spokesperson said.
Nordic banks DNB, Nordea, Danske Bank and SEB did not
immediately respond to requests for comment.
($1 = 10.5011 Swedish crowns)