A widespread institutional revolt is underway against Elon Musk’s $1 trillion pay package, with Norway’s sovereign wealth fund being the latest to join the “no” camp.
The fund, which holds a $17 billion stake, announced its opposition, citing the “total size” and “key person risk” of the award.
This “no” vote adds to a powerful list of dissenters. The California Public Employees’ Retirement System (CalPERS), the largest public pension scheme in the US, has also voiced its opposition.
Furthermore, the two most influential shareholder advisory firms, Glass Lewis and ISS, have both recommended that investors reject the proposal.
This united front from some of the world’s largest and most respected governance-focused institutions presents a major challenge to the Tesla board, which has argued the deal is essential to retain Musk.
