The world’s largest sovereign wealth fund, Norway’s $1.7 trillion oil fund, plans to vote against Tesla CEO Elon Musk’s record-breaking compensation package, according to a report by the Financial Times. The proposal, valued at around $1 trillion, has drawn criticism from some investors who question its alignment with shareholder interests and corporate governance standards.
The fund, formally known as Norges Bank Investment Management, cited concerns over the size and structure of the pay deal, emphasizing the need for fair and responsible executive compensation practices. The move is significant given the oil fund’s influence as one of Tesla’s major shareholders.
Tesla shareholders are set to vote on the compensation package later this week. The outcome could have far-reaching implications not only for Musk’s leadership but also for how large investors shape executive pay policies in publicly traded companies.
