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.
FILE - Elon Musk appears at an event in London, on Nov. 2, 2023. Norway's sovereign wealth fund managed by Norges Bank Investment Management said Saturday, Jan. 8, 2024, it will vote against Elon Musk 's hefty CEO compensation package during Tesla's annual meeting on Thursday. Norway's sovereign wealth fund operated 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.
“While we appreciate the significant value generated under Mr. Musk’s leadership since the grant date in 2018, we remain concerned about the total size of the award, the structure given performance triggers, dilution, and lack of mitigation of key person risk,” Norges Bank Investment Management said in a statement on its website. “We will continue to seek constructive dialogue with Tesla on this and other topics.
The fund invests proceeds from the country’s oil and gas industry to secure pensions for future generations in Norway. It is worth 17.80 trillion Norwegian Krone . Because of its sheer size, the fund does not reinvest all its money in Norway, or it would overheat the economy. It invests in 72 countries worldwide.
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