Norges Bank Investment Management, the investment arm of Norway’s central bank and one of the largest investors in Tesla, announced on Nov. 4 that it would vote against a proposed $1 trillion pay package for Tesla CEO Elon Musk.
The investment fund, which holds 1.16 percent of Tesla’s shares, making it the company’s sixth-largest institutional investor, expressed concerns about the total size of the proposed compensation package, which would be paid out over the next decade if all performance targets are met.
“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. We will continue to seek constructive dialogue with Tesla on this and other topics,” Norges said in a statement….