Norway’s $2T sovereign wealth fund plans to vote against Tesla (TSLA) CEO Elon Musk’s trillion-dollar pay package at the company’s annual shareholder meeting this week, CNBC’s Chloe Taylor reports. Norges Bank Investment Management, which manages the fund, said that “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 added that “We will continue to seek constructive dialogue with Tesla on this and other topics.”
Claim 55% Off TipRanks
Trade TSLA with leveragePublished first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on TSLA:
- Tesla’s China-made EV sales down 9.9% y/y in October, Reuters reports
- Tesla Loses Another Major Shareholder Vote on Musk’s $1 Trillion Pay Package
- Jim Cramer Reveals the Real Secret Behind the ‘Magnificent Seven’ Boom
- ‘The Big Vote Coming’: Daniel Ives Weighs In on Tesla Stock as Shareholders Decide Musk’s $1 Trillion Pay Package
- Tesla (TSLA) Reportedly Signs $2.1 Billion Battery Supply Deal