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Shareholder support rises for arbitration review at Tesla By Reuters

by Mike Robinson

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© Reuters. FILE PHOTO : A TESLA sign is visible outside a New York City dealership located in Brooklyn, New York City. This was taken April 26, 2021. REUTERS/Shannon Stapleton/File Photo

Hyunjoo Jin, Ross Kerber

(Reuters) – Automaker Tesla Inc (NASDAQ) disclosed Wednesday in a securities file that its support for a shareholder resolution about how it handles arbitration issues rose to 46% from 27% at the annual meeting.

This nonbinding resolution asked Tesla’s board for an analysis of the effect of their use of mandatory arbitral to settle workplace harassment and discrimination complaints. This issue was brought to the forefront by a $137 million jury verdict last week for workplace racism.

Tesla opposed the settlement, saying that arbitration could benefit all parties to a dispute. Tesla did not comment immediately on the vote.

Kristin Hull (CEO of Nia Impact capital) filed the resolution. She called this “a tremendous improvement” as she educated people on the importance of this support for creating an innovative company with a diverse, inclusive culture.

Tesla CEO Elon Musk holds 23% of Tesla shares according to their proxy statement. Accordingly, Hull stated that this measure would have failed without his votes.

According to Wednesday’s filing, James Murdoch was supported by 70% of the votes, while Kimbal, Elon Musk’s younger brother, got support from 80%.

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