Norway’s sovereign wealth fund, one of Tesla’s biggest investors, said Tuesday that it will vote against a proposed compensation package that could pay CEO Elon Musk as much as $1 trillion over a decade.
There will be more than a dozen company proposals up for a vote on Thursday during Tesla’s annual meeting, but none have generated more division than Musk’s potentially massive pay package.
“While we appreciate the significant value created under Mr. Musk’s visionary role, we are concerned about the total size of the award, dilution, and lack of mitigation of key person risk consistent with our views on executive compensation,” said Norges Bank Investment Management, which manages the country’s Government Pension Fund Global. “We will continue to seek constructive dialogue with Tesla on this and other topics.”
The fund has a 1.16% stake, the sixth largest holding among institutional investors.
Baron Capital Management, which holds about 0.4%
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