financetom
Business
financetom
/
Business
/
Some Nordic retail brokers allow clients to vote at Tesla AGM
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Some Nordic retail brokers allow clients to vote at Tesla AGM
Jun 11, 2024 7:03 AM

COPENHAGEN (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)

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
VCI Global to Implement 1-for-49 Reverse Stock Split
VCI Global to Implement 1-for-49 Reverse Stock Split
Nov 4, 2024
09:31 AM EDT, 11/01/2024 (MT Newswires) -- VCI Global ( VCIG ) said Friday it will implement a 1-for-49 reverse stock split, effective Nov. 5. The reverse stock split is intended to raise the market price of the company's shares and regain compliance with Nasdaq's minimum bid price requirement for continued listing. The company said the reverse stock split is...
Middleby Purchases JC Ford
Middleby Purchases JC Ford
Nov 4, 2024
09:29 AM EDT, 11/01/2024 (MT Newswires) -- Middleby ( MIDD ) said Friday it has acquired chip and tortilla production equipment system manufacturer JC Ford. Financial details were not disclosed. ...
AGCO Completes Sale of Grain, Protein Division to PE Firm American Industrial Partners
AGCO Completes Sale of Grain, Protein Division to PE Firm American Industrial Partners
Nov 4, 2024
09:39 AM EDT, 11/01/2024 (MT Newswires) -- AGCO ( AGCO ) has completed the sale of its grain and protein division to private equity firm American Industrial Partners, the latter said Friday. Financial terms were not disclosed. American Industrial Partners also said that with close of the deal the new privately held business will operate under the name Grain &...
Northrim BanCorp Acquires Sallyport Commercial Finance for $53.9 Million in Cash
Northrim BanCorp Acquires Sallyport Commercial Finance for $53.9 Million in Cash
Nov 4, 2024
09:37 AM EDT, 11/01/2024 (MT Newswires) -- Northrim BanCorp ( NRIM ) said Friday that it has completed its all-cash acquisition of Sallyport Commercial Finance, paying $53.9 million for the privately held factoring, asset based lending and alternative capital firm. Northrim said it expects the deal to increase its 2025 operating earnings by 15% over its prior projections. Price: 65.27,...
Copyright 2023-2026 - www.financetom.com All Rights Reserved