Norway's $1.7 trillion sovereign wealth fund says it will vote against ratifying CEO Elon Musk's $56 billion pay package which is up for a shareholder vote next week.
Tesla’s eight-biggest shareholder says it will vote against ratifying CEO Elon Musk's $56 billion pay package which is up for a shareholder vote next week. Norway's $1.7 trillion sovereign wealth fund, which has been critical of excessive CEO pay, announced the move on Saturday. The fund holds a 0.98% stake in the electric vehicle maker worth $7.7 billion according to fund data. The fund is the largest wealth fund in the world and owns 1.5% of all the world's listed stocks.
Norges Bank Investment Management , the operator of the fund, said the fund appreciated the significant value generated under Musk's leadership since the grant date in 2018 but remains "concerned about the total size of the award, the structure given performance triggers, dilution, and lack of mitigation of key person risk/" "We will continue to seek constructive dialogue with Tesla on this and other topics," NBIM added.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Tesla board urges retail investors to back Elon Musk's $56 billion pay dealTesla's board is trying to woo its unusually large base of individual investors to endorse Chief Executive Officer Elon Musk’s $56 billion pay package.
Read more »
Tesla Is Going All-Out To Convince Shareholders To Approve Musk's $56 Billion PayToday on Critical Materials: Tesla pushes for Musk's big pay day, insiders recall details of Supercharging team's dismissal, and Cruise reaches a settlement.
Read more »
Tesla Shareholders Urge Investors to Reject Musk’s $56 Billion Pay PackageSource of breaking news and analysis, insightful commentary and original reporting, curated and written specifically for the new generation of independent and conservative thinkers.
Read more »
Tesla shareholders advised to reject Musk's $56 billion payTesla shareholders advised to reject Musk's $56 billion pay
Read more »
Tesla shareholders advised to reject Musk's $56 billion payProxy advisory firm Glass Lewis said on Saturday it has urged Tesla shareholders to reject a $56 billion pay package for Chief Executive Officer Elon Musk.
Read more »
Tesla shareholders urged to reject Elon Musk's $56 billion pay packageProminent proxy advisory firm Glass Lewis aired concerns about the 'excessive size' of Musk's pay deal.
Read more »