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Norway wealth fund to oppose Musk's $1 trillion Tesla pay
Summary generated with AI, editor-reviewed
Heartspace News Desk
•Source: Reuters
Photo by Luke Thornton on Unsplash
TL;DR
Norway's sovereign wealth fund, a significant Tesla shareholder, will vote against Elon Musk's proposed compensation package due to concerns about its size and potential risks. Several other firms like ISS and Glass Lewis also recommend rejecting the proposal, but it is still expected to pass.
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Key takeaways
- Norway's sovereign wealth fund, the world's largest, will vote against the proposed compensation package for Tesla CEO Elon Musk, according to a Reuters report
- Norges Bank Investment Management, which holds a 1
- 12% stake in Tesla and is the company's seventh-largest owner, cited concerns regarding the "total size of the award, dilution, and lack of mitigation of key person risk" as the rationale for its opposition
Norway's sovereign wealth fund, the world's largest, will vote against the proposed compensation package for Tesla CEO Elon Musk, according to a Reuters report.
Norges Bank Investment Management, which holds a 1.12% stake in Tesla and is the company's seventh-largest owner, cited concerns regarding the "total size of the award, dilution, and lack of mitigation of key person risk" as the rationale for its opposition. This stance aligns with the fund's previous rejection of Musk's 2018 pay plan.
Proxy advisory firms Institutional Shareholder Services (ISS) and Glass Lewis have also recommended that shareholders reject the proposal. Despite this opposition from prominent investors and advisory groups, the compensation package is still expected to pass.
Related Topics
Norway wealth fundElon MuskTeslaexecutive compensationsovereign wealth fund
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