Norway wealth fund to vote against Musk's $56 billion Tesla pay package
: Norway's $1.7 trillion sovereign wealth fund said on Saturday it will vote against ratifying Tesla CEO Elon Musk's $56 billion pay package, which is up for a shareholder vote next week, after a Delaware judge invalidated it earlier this year.Musk's pay, the largest for a chief executive in corporate America, was approved in 2018, but voided by a judge earlier this year, who said the amount was unfair to shareholders, calling it an “unfathomable sum”.
Still, “we remain concerned about the total size of the award, the structure given performance triggers, dilution, and lack of mitigation of key person risk,“ Norges Bank Investment Management , the operator of the fund said.“We will continue to seek constructive dialogue with Tesla on this and other topics,“ NBIM added.
Last year it voted against more than half of U.S. CEO pay packages above $20 million, warning they did not align with long-term value creation for shareholders.The fund also said it would vote for a shareholder proposal calling on Tesla to adopt a freedom of association and collective bargaining policy, a win for labour unions seeking to assert their influence over the U.S. carmaker.
Norway's wealth fund, which owns 1.5% of all the world's listed stocks, also in 2022 backed a shareholder proposal calling on Tesla to adopt a policy of respecting labour rights such as freedom of association and collective bargaining.
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