Norway's sovereign wealth fund, managed by Norges Bank Investment Management, has announced its decision to vote against Elon Musk's substantial CEO compensation package during Tesla's upcoming annual meeting. This move comes in response to concerns over the size and structure of the package, which was valued at $44.9 billion by the company, down from $56 billion in January. The fund expressed reservations about the award's total size, performance triggers, dilution, and the lack of mitigation of key person risk.
In a statement on its website, Norges Bank Investment Management acknowledged the value generated under Musk's leadership but emphasized the need for constructive dialogue with Tesla on this and other topics. The fund, known as the Government Pension Fund Global, holds a .98% stake in Tesla valued at $7.72 billion and initially voted against the package in 2018.
