 "‘Excessive and risky’: Norway’s $2.1 trillion wealth fund to vote against Elon Musk’s $1 trillion Tesla pay package")
Norway’s $2.1 trillion sovereign wealth fund — the world’s largest — said Tuesday it would vote against Tesla CEO Elon Musk’s proposed compensation package, potentially worth up to $1 trillion, at the company’s annual general meeting on November 6.
The fund, Tesla’s seventh-largest shareholder with a 1.12 per cent stake worth around $17 billion, said it supports Musk’s leadership but finds the deal “excessive” and risky. “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,” it said.
Tesla’s board, led by Chair Robyn Denholm, is urging investors to back the plan, warning Musk could leave the $1.5 trillion firm if the deal is rejected. The package, which could grant Musk stock worth up to $878 billion after costs, would be the largest CEO pay deal in history.
Proxy advisers ISS and Glass Lewis have also urged shareholders to vote “no,” saying the award is too large and would deliver high payouts even with partial goal achievement. However, the proposal is still expected to pass, given Musk’s 13.5 per cent voting power and backing from major supporters such as Baron Capital.
The Norwegian fund also plans to vote against Tesla’s general stock compensation plan and two of three directors up for re-election, citing governance concerns. Tesla argues Musk’s payout will only materialise if the company’s market value surges nearly sixfold to $8.5 trillion — a milestone it calls essential to reward exceptional performance.
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 "Dick Cheney, George Bush’s vice president and key Iraq war figure, dies at 84")
 "Duped, deployed and forgotten: Families of Indians caught in Russia-Ukraine war cry for help")
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