Norway's $2 trillion sovereign wealth fund said it will vote against Elon Musk's trillion-dollar pay package at Tesla 's annual shareholder meeting this week, rebelling against management guidance and threats from Musk to step down if the deal is rejected.
Norges Bank Investment Management (NBIM), which manages the fund — the largest of its kind in the world, and a major shareholder in Tesla — said on Tuesday that it had already cast its vote against Musk's remuneration package as CEO of the carmaker.
"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," NBIM said in a statement.
"We will continue to seek constructive dialogue with Tesla on this and other topics," the fund's managers added.
Norway's wealth fund holds a 1.14% stake in Tesla, according to its half-year filings in June. The value of that investment was last declared to be 118.3 billion Norwegian kroner ($11.6 billion).