Norway’s sovereign wealth fund has voted against a Tesla proposal to give CEO Elon Musk a compensation package worth $1 trillion.
The fund, which is managed by Norges Bank Investment Management, holds a 1.14% stake in Tesla valued at about $11.7 billion, according to its mid-year filings in June.
“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,” the fund said in a statement posted on its website. “We will continue to seek constructive dialogue with Tesla on this and other topics.”
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