By Josh Beckerman
Tesla Inc. is proposing reducing the number of board classes from three to two, resulting in director terms being reduced from three years to two.
Meanwhile, Arthur Levitt, former chairman of the Securities and Exchange Commission, is calling for annual election of directors, saying it would make directors more accountable. In response to Mr. Levitt's stockholder proposal, Tesla said that with annual elections, "opportunistic short-term interests could quickly and significantly alter the makeup and continuity of the Board."
Tesla said its annual meeting will take place Oct. 7 at its Fremont factory in California.
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