—Telsa is to hold its annual shareholder meeting on November 06, following calls from a group of investors to set one, citing legal obligations, with its proxy statement to be released in the coming weeks.
According to Reuters (paywall), Tesla’s last meeting was in June 2024. In April the company said it would file its annual proxy statement later than expected as the board had not decided on a date for the 2025 AGM.
The news comes as the electric vehicle (EV) maker has suffered a series of setbacks such as CEO Elon Musk’s public feud with President Donald Trump culminating in Musk’s announcement thathe would launcha new political party. Other issues include the rolling back of EV tax credits in the US and a decline in sales.
Wedbush analyst Dan Ives told Fortune that Telsa has reached ‘a tipping point,’ imploring Tesla’s board to end the ‘soap opera’ through a series of interventions.
The first includes limiting the amount of time Musk spends on politics, second by setting up a new board committee to oversee Musk’s political endeavors and lastly by giving Musk a bigger stake and more voting power in Tesla as a type of new incentive-driven pay package.
—American venture capitalist firm Andreessen Horowitz is reincorporating its business from Delaware to Nevada, citing legal bias as the reason.
In a blog post, the firm said that recent actions by the Court of Chancery have ‘injected an unprecedented level of subjectivity into judicial decision-making undermining the court’s reputation for unbiased expertise’.
As a result of these changes the firm said it has ‘introduced legal uncertainty into what was widely considered the gold standard of US corporate law’.
In contrast, Nevada has taken steps to establish a technical, non-ideological forum for resolving business disputes.
The firm said it was making this decision public for its stakeholders and the broader tech and VC communities to understand the reasons behind the decision. It suggested its portfolio companies follow suit.
—T-Mobile is ending its DEI programs in response to pressure from the Trump administration as it seeks to secure regulatory approval for two major M&A deals.
In a letter for Federal Communications Commission chair Brendan Carr, the wireless carrier said it is ending its DEI policies ‘not just in name, but in substance’.
As a result, the company will no longer have any individual roles or teams focused on DEI, is removing any references to DEI on its websites and has removed references to DEI from its employee training materials.
T-Mobile hopes to secure FCC approval to buy almost all of United States Cellular’swireless operations as well as permission to establish a joint venture with KKR to acquire internet service provider Metronet.
Anna Gomez, FCC commissioner, said the move makes ‘a mockery of [T-Mobile’s] professed commitment to eliminating discrimination, promoting fairness and amplifying underrepresented voices’.
Adding that ‘history will not be kind to this cowardly corporate capitulation’ in a post on X (formerly Twitter).
—Simon Henry, the former chief financial officer of Shell, is to join bp’s board as a non-executive director from September 1, following pressure from activist investorElliott Management.
The Times (paywall) reported that Henry’s hiring is the second appointment of an oil industry veteran to the bp board in three months. David Hager, the former executive chairman of the Devon Energy Corporation, joined in May.
Elliott Management holds a 5 percent stake in bp and in April of this year pushed the company’s board for a strategic overhaul focused onincreased free cash flow generation and cost reductions.
Specifically, Elliott wants the company to boost its annual free cash flow to $20 bn by 2027 and deliver a 40 percent increase from the current implied target, through significant spending cuts and divestitures, particularly in renewable energy assets.
—Earlier this week, the Society for Corporate Governancesubmitted targeted recommendations to modernize the Commission’s filer categories and disclosure obligations, particularly for small- and mid-cap public companies to the SEC chairPaul Atkins.
The letter outlines practical, market-informed reforms aimed at reducing unnecessary regulatory hurdles while preserving investor protection and supporting healthy public markets.
The recommendation suggests aligning and simplifying filer categories by creating two primary thresholds based on public float and annual revenue as well as scaled disclosure obligations in areas such as financial reporting, proxy disclosures and Section 16 reporting.
The proposals also address streamlining transition thresholds and modernizing rules that disproportionately burden smaller issuers without enhancing investor protection.
—Odyssey by Kalexius, a provider of global entity management services, is to launch a platform – known as Flagship – to streamline corporate governance work.
It offers features including a SharePoint integration to secure a single document repository.
‘Our clients manage entities across dozens of jurisdictions, each carrying their own regulations, taxonomies and requirements. The Odyssey team leveraged its in-depth knowledge of jurisdictions across the world to develop comprehensive and up-to-date databases of entity types, D&O roles and share types to streamline our clients’ work,’ commented Nicolas Leroux, CEO at Odyssey