Norway's Wealth Fund Opposes Elon Musk's $56 Billion Tesla Pay Package

Norges Bank Investment Management, which manages Norway's sovereign wealth fund, has announced that it will vote against Elon Musk's CEO compensation package at Tesla's upcoming annual meeting. This decision is not unprecedented, as two shareholder advisory firms, ISS and Glass Lewis, previously recommended voting against the package due to its size. The package was valued at $44.9 billion by Tesla in May, making it the largest for a CEO in corporate America. Notably, Norway's sovereign wealth fund had also voted against the package when it was first approved in 2018. Despite this, the package was ratified and Musk received the compensation. However, with the package now up for shareholder vote again, Norges Bank Investment Management has joined other major shareholders in opposing its ratification.