Tesla announced Thursday it will hold its annual shareholder meeting on November 6, four months past the legal deadline required by Texas law.
The decision came just one day after a group of shareholders, including Democratic officials overseeing public pension funds, demanded the company comply with governance rules.
“This delay is particularly troubling in light of the growing investor scrutiny Tesla faces,” the group wrote in a letter.
Texas law mandates that companies hold annual meetings every 13 months. Tesla did not offer a reason for the delay and declined comment.
New York City Comptroller Brad Lander called the move a “belated recognition that the rule of law applies to everyone.”
Tesla is under mounting pressure over falling sales, stock declines, and CEO Elon Musk’s political controversies. While shareholders showed past support for Musk, including a disputed $56 billion pay package, concerns about corporate direction are now intensifying.
