The world’s largest sovereign wealth fund is voting “no” on Elon Musk’s $1 trillion pay package, citing the “total size” as its primary concern.
Norway’s Norges Bank, which manages over a trillion dollars and holds a $17 billion stake in Tesla, announced its opposition ahead of the annual meeting.
The fund, Tesla’s seventh-largest shareholder, said that while it “appreciated the significant value” created by Musk, it could not support a package of this magnitude.
It also listed “dilution” of other shareholders and “lack of mitigation of key person risk” as “consistent” with its views on executive pay.
This is the second time the fund has opposed Musk’s pay, following its “no” vote on a $56 billion deal last year. That deal was later voided by a Delaware court, prompting this new, even larger proposal.