Top 10 shareholder of carmaker says it is ‘concerned’ about size of package
The world’s largest sovereign wealth fund has said it will vote against Elon Musk’s $56bn pay award at Tesla, as the biggest remuneration package in US corporate history comes under intense shareholder scrutiny. Norway’s $1.7tn oil fund, the eighth largest shareholder in Tesla, said on Saturday that it was “concerned” about the size of the pay package, its structure and how it fails to mitigate “key person risk”.
“We are seeing corporate greed reaching a level that we haven’t seen before and it’s really becoming very costly for shareholders in terms of dilution,” Nicolai Tangen, the fund’s chief executive, said in 2022. The Norwegian fund said it would “seek constructive dialogue with Tesla on and other topics”, and that it appreciated “the significant value generated under Mr Musk’s leadership”.
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