Norway’s wealth fund vote is latest blow to Musk’s $1 trillion pay package | TechCrunch
Norway’s sovereign wealth fund voted against Tesla’s proposal to award Elon Musk a $1 trillion compensation package. The fund is managed by Norges Bank Investment Management and holds a 1.14% stake in Tesla. That stake was worth about $11.7 billion in the fund’s mid-year filings in June. The fund praised the value created under Musk’s leadership but raised concerns about the award’s total size, dilution, and the lack of plans to reduce key-person risk. NBIM said it will continue constructive dialogue with Tesla on compensation and governance. The fund’s rejection does not by itself block the proposal, but it adds pressure on Tesla’s drive to win shareholder approval. Advisory firms ISS and Glass Lewis also recommended voting against the pay package. On the company’s third-quarter earnings call, Musk said the package is about control, not pay, and he said he would leave Tesla if shareholders reject it.
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