Norway’s wealth fund vote is latest blow to Musk’s $1 trillion pay package

In Brief

Norway’s sovereign wealthiness money has voted against a Tesla connection to springiness CEO Elon Musk a compensation bundle worthy $1 trillion.

The fund, which is managed by Norges Bank Investment Management, holds a 1.14% involvement successful Tesla valued astatine astir $11.7 billion, according to its mid-year filings successful June.

“While we admit the important worth created nether Mr. Musk’s visionary role, we are acrophobic astir the full size of the award, dilution, and deficiency of mitigation of cardinal idiosyncratic hazard — accordant with our views connected enforcement compensation,” the money said successful a connection posted connected its website. “We volition proceed to question constructive dialog with Tesla connected this and different topics.”

NBIM’s rejection whitethorn not beryllium capable to decision the proposal. But it is the latest hurdle successful Tesla’s lengthy run to sway shareholders to springiness Musk the largest firm show wage bundle successful history. Advisory groups like ISS and Glass Lewis person besides recommended voting against the wage package.

Musk has argued the compensation bundle isn’t arsenic overmuch astir the wealth arsenic it is astir control. The CEO precocious made that point during the company’s third-quarter net telephone and has threatened to permission Tesla if the bundle isn’t approved.

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