tesla inc set its shareholder meeting for oct 7 at the fremont calif factory with a call for reducing its directors’ terms among the proposals the electriccar maker will bring to the table the company said in filing late friday one of the proposals calls for each director’s term to be reduced from three years to two years tesla’s tsla board currently has nine members who are divided into three classes in staggered threeyear terms if the proposal is approved however the board will be divided into two classes with staggered twoyear terms with directors distributed as equally between the classes as possible tesla said in the filing the board would be reduced to eight members since antonio gracias a venture capitalist who has served on the tesla board since 2007 said in 2019 he’d not be seeking reelection when his term ends this year tesla’s board nominated current board members james murdoch the youngest son of news corp nwsa founder rupert murdoch and kimbal musk chief executive elon musk’s brother for reelection as class ii directors with terms expiring in 2024 if the term reduction is approved then their terms would end in 2023 the company said tesla’s curtailing board member terms was a response to a shareholder proposal calling to elect each board member for one year the twoyear term however “strikes a suitable balance to the longterm interests of and nearerterm accountability to our stockholders at this time” tesla said tesla shares were flat in afterhours trading after ending the regular trading day down 07 the stock has gained 16 this year compared with gains of around 19 for the sp 500 index spx