Norwegian sovereign wealth fund constructing
The Norwegian sovereign wealth fund introduced that it’s going to vote in opposition to the compensation package deal proposed by Tesla CEO Elon Musk, which incorporates shares value a trillion {dollars}.
The world’s largest sovereign wealth fund defined on its web site: Whereas we respect the numerous worth generated underneath Musk’s imaginative and prescient, we’re involved in regards to the whole dimension of the compensation.
Throughout the annual assembly scheduled for November 6, the electrical automobile maker’s traders will resolve whether or not to approve the package deal that might turn into the biggest compensation ever awarded to a CEO.
However Tesla’s board of administrators is pressuring shareholders to approve the plan, and board chair Robin Denholm warned final week that Musk might go away the corporate if the proposal is rejected.
It’s noteworthy that the fund – which owns a 1.12% stake in Tesla, value $17 billion – voted to reject Musk’s earlier compensation plan, which amounted to $56 billion.
