Norway’s wealth fund has voted against Tesla’s proposal to give CEO Elon Musk a compensation package worth $1 trillion.
The fund, managed by NORGES Investment Management NORGES NORGES, owns a 1.14% stake in Tesla worth about $11.7 billion, according to Mid-year filings In June.
“While we appreciate the significant value created in Mr. Musk’s visionary role, we are concerned with the total award, dilution, and lack of respect for key people’s resolutions – consistent with executive compensation,” the Fund said in a statement. Posted on websiteSee rank-. “We will continue to seek constructive dialogue with Tesla on this and other topics.”
NBim’s rejection may not be enough to defeat the proposal. But it’s the latest hurdle in Tesla’s long campaign for shareholders to deliver the biggest corporate performance in history. Advisory Group Like Lewis and Lewis Glass have also given the election to the pay package.
Musk has argued his compensation package isn’t as much about the money as it is about control. CEO recently made that point During the company’s third earnings call and has threatened to leave Tesla if the package is not approved.