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The world’s largest sovereign wealth fund will vote against Tesla chief executive Elon Musk’s $1tn pay package, saying it was worried about the size of the deal.
Norway’s $2.1tn oil fund, which is a top-10 Tesla shareholder with a stake of 1.1 per cent, said on Tuesday that it while it appreciated “the significant value created under Mr Musk’s visionary role” it would vote against his performance award.
“We will continue to seek constructive dialogue with Tesla on this and other topics,” it added in a statement two days before the electric-car maker’s annual meeting.
Tesla chair Robyn Denholm has framed the vote as being essential to keeping Musk as the carmaker’s chief executive. Musk has publicly threatened to walk away if shareholders again block his pay package.
This is a developing story
