"NBIM, which manages Norway's considerable oil and gas resources that accrue hundreds of billions of euros in profit annually, is troubled by the compensation package. "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," it said."
"The market reacted negatively to the news, and Tesla's stock is down by more than 4.4 percent todat at the time of writing. Tesla's board chair Robyn Denholm warned last week that Musk might leave if the proposed stock award - potentially worth up to $1 trillion over 10 years - isn't approved. He urged shareholders to greenlight it. Musk became Tesla's largest shareholder and chairman in 2004, then CEO in 2007."
NBIM, the Norwegian sovereign wealth manager, voted against Elon Musk's proposed Tesla stock award because of concerns about its total size, dilution, and lack of mitigation for key-person risk. Several major institutional investors have not yet declared positions ahead of the November 6 shareholder vote. Tesla's stock fell more than 4.4 percent following the opposition. Board chair Robyn Denholm warned that Musk might leave if the plan — potentially worth up to $1 trillion over 10 years — is not approved. Musk led Tesla from roughly $200 million in 2011 to about $95 billion in revenue today, though recent growth has stalled.
Read at Theregister
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