bodyType

customContents

entityId

entityUuid

articlePageQuery

filter

article

articleBaseAdvertisingInfoArticle

articleListArticle

articleSeoArticle

helpersCheckIsPostiesArticle

hooksArticleAcknowledgementGateOverlayArticle

hooksTrackPageViewArticle

hooksContentInterestArticle

articleLinkingDataContent

articleSchemaContent

liveArticle

advertZone

sentiment

contentLock

topics

types

sections

moreOnThisArticles

urlAlias

commentCount

sponsorType

authorLocations

authors

paywallTypes

corrections

displaySlideShow

multimediaEmbed

printHeadline

seriesContainer

socialHeadline

headline

flag

firstTopic

glossary

flattenTypeIds

publishedDate

additionalInfoBoxes

images

image

relatedLinks

relatedNewsletters

__typename

createdDate

sponsor

factSheets

series

disableOffPlatformContent

published

updatedDate

summary

subHeadline

body

keywords

copyrighted

customTimezone

liveContents

Reuters

Norway’s US$1.7 trillion sovereign wealth fund said it would vote against ratifying Tesla CEO Elon Musk’s US$56 billion pay package, which is up for a shareholder vote next week after a Delaware judge invalidated it earlier this year.
The fund is Tesla’s eighth-biggest shareholder, according to data from the London Stock Exchange Group plc.
Musk’s pay, the largest for a chief executive in corporate America, was approved in 2018, but voided by a judge earlier this year, who said the amount was unfair to shareholders, calling it an “unfathomable sum”.
The fund said on Saturday it appreciated “the significant value generated under Mr. Musk’s leadership since the grant date in 2018”.
Still, “we remain concerned about the total size of the award, the structure given performance triggers, dilution, and lack of mitigation of key person risk,” said Norges Bank Investment Management (NBIM), the operator of the fund.
In 2018, the fund had voted against the package.

“We will continue to seek constructive dialogue with Tesla on this and other topics,” NBIM added.
The fund, which holds a 0.98 per cent stake worth US$7.7 billion according to fund data, has been critical of excessive CEO pay.
Responding to a post on social media platform X, Musk said the fund’s decision is “not cool”, adding that if the fund actually surveyed the constituents, they would discover “overwhelming support in favour”.
Last year it voted against more than half of US CEO pay packages above US$20 million, warning they did not align with long-term value creation for shareholders.
The fund also said it would vote for a shareholder proposal calling on Tesla to adopt a freedom of association and collective bargaining policy, a win for labour unions seeking to assert their influence over the US car maker.
The vote comes as Tesla continues to face industrial action in Sweden, with its mechanics on strike since October 27, in one of the country’s longest labour disputes.


Norway’s wealth fund, which owns 1.5 per cent of all the world’s listed stocks, also in 2022 backed a shareholder proposal calling on Tesla to adopt a policy of respecting labour rights such as freedom of association and collective bargaining.
The electric vehicle producer faces a backlash in the Nordic region from unions and some pension funds over its refusal to accept the demand from its Swedish mechanics for collective bargaining rights covering wages and other conditions.
The wealth fund voted for transferring Tesla’s state of incorporation to Texas from Delaware, a vote Musk sought after the Delaware judge invalidated his pay.
The fund also said it would vote for a proposal to elect Musk’s younger brother Kimbal, 51, to Tesla’s board of directors. The fund had voted in favour of his election in 2018, according to fund data.
Tesla shareholders will vote on Musk’s pay, as well as the re-election of directors, including Musk’s brother, at their annual meeting scheduled on June 13.


Apple, Tesla and Starbucks to face testing time in China under second Trump administration

EV giants at crossroads, BYD to overtake Volkswagen, 10 million units a year: 6 China EV reads

China rushes to stockpile US microchips, Chinese supercomputer a world-beater: 5 US-China tech war stories

Trump ‘efficiency’ tsar Elon Musk outlines plans for massive US cost-cutting

Tesla

Elon Musk’s US$56 billion Tesla pay package opposed by Norway’s state fund

Elon Musk, co-founder of Tesla and SpaceX and owner of X Holdings Corp., speaks at a conference in Beverly Hills, California in May. Photo” TNS

People walk past a showroom outside Tesla China headquarters at China Central Mall in Beijing. Photo: Reuters

Elon Musk’s xAI raises US$6 billion from investors including Sequoia, Andreessen Horowitz to challenge OpenAI

Elon Musk founded xAI last year. Photo: dpa

Elon Musk may have a plan to get convicted felon Donald Trump back on X, formerly Twitter

SpaceX CEO Elon Musk is pictured with former US President Donald Trump in the Oval Office. X@elonmusk

Trump’s once-blocked Twitter account was reinstated following a poll on the subject. Photo: AFP

Malaysian Hock Tan beat out Apple’s Tim Cook, Tesla’s Elon Musk, and Meta’s Mark Zuckerberg to be top paid CEO in America

Broadcom CEO Hock Tan speaks during an event to announce the company is moving its global headquarters to the United States, in the Oval Office of the White House in November 2017. Photo: AP

With a price war at home spreading overseas, and a tariff war in the US and EU, China’s EV industry is bracing itself despite new tech roll-out

A person works in BYD electric car factory in Changzhou, Jiangsu province. Photo: EPA-EFE

A factory of Chinese electric vehicle maker Li Auto. Photo: Xinhua

Illustration: Lau Ka-kuen

Photo: Xinhua

Photo: Getty Images

News

World

Europe

United States & Canada

Musk’s pay was approved in 2018, but voided earlier this year by a judge who called it an ‘unfathomable sum’


Norway’s US$1.7 trillion sovereign wealth fund says it is concerned about the total size of Musk’s pay package and seeks to discuss with Tesla on the issue.
