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Norway’s sovereign wealth fund, managed by Norges Bank Investment Management, said it will vote against Tesla CEO Elon Musk’s $56 billion compensation package at the company’s annual general meeting on Thursday.
In a statement, Norges Bank Investment Management “While we recognize the significant value that has been created under Mr. Musk’s leadership since the 2018 grant date, we remain concerned about the total grant amount, the structure considering performance triggers, dilution and the lack of key person risk mitigation.”
Norway’s sovereign wealth fund Equivalent to $1.7 trillion He is Tesla’s eighth-largest shareholder, according to Reuters.
Robin Denholm, chairman of the Tesla board of directors, said: In a letter to shareholders earlier this week, We call for “mutual respect.”
Musk has “no shortage of ideas and other areas in which he can make an incredible difference in the world,” she wrote.
Nikolai Tangen, CEO of the Norwegian Wealth Fund, Financial Times 2022: “Corporate greed has reached unprecedented levels and is becoming extremely costly to shareholders in terms of dilution.”
Tesla shareholders are scheduled to vote on Musk’s compensation package on Thursday.
Investors approved Musk’s compensation deal in 2018, but a Delaware judge invalidated the amount in January. call It was an “incalculable sum,” he said, urging the board to reauthorize it.
Last month, two major proxy advisory firms, Institutional Shareholder Services (ISS) and Glass Lewis, It recommended voting against the package.
Regarding Musk’s wealth, Denholm said: “This is clearly not about the money. Everyone knows Elon is one of the richest people on the planet. Even if Tesla breaks the promises it made in 2018, he would remain wealthy.”
Musk is the third richest person in the world.His net worth is $203 billion, according to the Bloomberg Billionaires Index.
Tesla is Delivered The EV maker, which has a record goal of selling more than 1.8 million electric vehicles worldwide in 2023, has faced intense scrutiny in recent months.
according to The email was obtained by CNBC. Earlier this week, Musk redirected significant resources to his other businesses, social media platform X and AI startup xAI.
Earlier this year, Investors accuse Musk of “blackmailing” Those Tweet “I was not comfortable growing Tesla into a leader in AI and robotics without having 25% of the voting power,” he said.
In April, Musk said Fired Tesla’s entire Supercharger team, including Senior Director of EV Charging Rebecca Tinucci, Investor and partner.