Norwegian wealth fund to vote against Elon Musk’s Tesla pay package

Published June 8, 2024 9:07 AM

Norway’s sovereign wealth fund managed by Norges Bank Investment Management said Saturday it will vote against Elon Musk’s hefty CEO compensation package during Tesla’s annual meeting on Thursday. It’s the latest pushback over the size of the pay package, which was recently valued by the company at $44.9 billion but in January had a value of about $56 billion. In May, two big shareholder advisory firms, ISS and Glass Lewis, recommended voting against the package. NBIM, which has a .98% stake in Tesla worth $7.72 billion, voted against the package initially in 2018.

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