Tesla Inc. shareholders late Tuesday kept the company’s board classified, with board members’ terms staggered. A proposal, brought forth by institutional investors, including state pension funds, had called for the election of all seven members yearly. Tesla had opposed that proposal, saying the staggered terms allow directors to focus on the long-term health of the company. Shares of Tesla rose 0.4% late Tuesday after ending the day at a fresh record high of $352.85.
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