On September 29, 2026, the SEC’s Division of Corporation Finance said it would not recommend enforcement action under specified federal proxy rules if Tesla implemented its proposed Issuer Voluntary Retail Voting Program (IVRVP) as described in its request. Proxy voting lets shareholders cast votes on company matters through materials sent ahead of a meeting; Tesla’s plan centers on a standing voting instruction.
The SEC staff position on Tesla’s plan
The Division’s response made its position conditional on Tesla following the program described in its request. The response also says the same position applies to other issuers operating a program in the same manner, based on the facts and representations Tesla provided.
What participating shareholders can still do
Under the safeguards described in the response, participants would continue to receive proxy materials for upcoming meetings. They could override their standing instruction for any proposal at no cost, including by voting through that meeting’s proxy materials; that vote would take precedence over the earlier instruction.
Participants could also cancel the standing instruction at any time without charge for future meetings. The described safeguards include at least annual reminders about enrollment, the instruction selected and the right to cancel. Tesla is also represented as disclosing the program and its features on its website and in its proxy statements.
The position’s limits
The Division said its response expressed no legal conclusion on the questions presented and offered no view on other legal questions. Its staff position rests on Tesla’s described program and representations, and the Division said different facts or conditions could lead it to a different conclusion.
