The world’s largest sovereign wealth fund will vote against Tesla chief executive Elon Musk’s $1tn pay package, saying it is 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 while it appreciated “the significant value created under Mr Musk’s visionary role” it would vote against his performance award.
“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,” it said two days before the electric-car maker’s annual meeting on November 6.
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