"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," the fund said in a statement posted on its website. "We will continue to seek constructive dialogue with Tesla on this and other topics."
"Norway's sovereign wealth fund has voted against a Tesla proposal to give CEO Elon Musk a compensation package worth $1 trillion. The fund, which is managed by Norges Bank Investment Management, holds a 1.14% stake in Tesla valued at about $11.7 billion, according to its mid-year filings in June. NBIM's rejection may not be enough to defeat the proposal. But it is the latest hurdle in Tesla's lengthy campaign to sway shareholders to give Musk the largest corporate performance pay package in history."
Norges Bank Investment Management, which manages Norway's sovereign wealth fund, voted against Tesla's proposal to grant CEO Elon Musk a $1 trillion compensation package. The fund holds a 1.14% stake in Tesla, valued at about $11.7 billion in mid-year filings. The fund cited concerns about the total size of the award, shareholder dilution, and insufficient mitigation of key-person risk. The rejection may not defeat the proposal. Advisory groups including ISS and Glass Lewis have also recommended voting against the package. Musk framed the package as a matter of control and warned he might leave Tesla if it is not approved.
Read at TechCrunch
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