{"id":1302291,"date":"2025-11-07T14:42:21","date_gmt":"2025-11-07T09:12:21","guid":{"rendered":"https:\/\/trak.in\/stories\/?p=1302291"},"modified":"2025-11-07T14:42:51","modified_gmt":"2025-11-07T09:12:51","slug":"teslas-1-trillion-pay-plan-will-be-opposed-by-norways-sovereign-wealth-fund","status":"publish","type":"post","link":"https:\/\/trak.in\/stories\/teslas-1-trillion-pay-plan-will-be-opposed-by-norways-sovereign-wealth-fund\/","title":{"rendered":"Tesla’s $1 Trillion Pay Plan Will Be Opposed By Norway\u2019s Sovereign Wealth Fund"},"content":{"rendered":"\n

Norges Bank Investment Management, which manages Norway\u2019s Government Pension Fund Global, announced its voting decisions ahead of Tesla\u2019s annual shareholder meeting.<\/p>\n\n\n\n

\"Tesla's<\/figure>\n\n\n\n

The fund stated it would vote against Elon Musk\u2019s \u201cCEO Performance Award.\u201d<\/p>\n\n\n\n

Norway\u2019s Sovereign Wealth Fund to Vote Against Elon Musk\u2019s CEO Performance Award at Tesla Meeting<\/h2>\n\n\n\n

It acknowledged<\/a> \u201cthe significant value created under Mr. Musk\u2019s visionary role\u201d but expressed concern over \u201cthe total size of the award.\u201d<\/p>\n\n\n\n

The decision aligns with the fund\u2019s established \u201cviews on executive compensation.\u201d<\/p>\n\n\n\n

The fund argued that the award fails to address \u201ckey person risk,\u201d meaning Tesla\u2019s overreliance on one individual.<\/p>\n\n\n\n

Norges Bank Investment Management added that it \u201cwill continue to seek constructive dialogue with Tesla on this and other topics.\u201d<\/p>\n\n\n\n

Tesla\u2019s annual meeting is scheduled for Thursday, which the company\u2019s board called a \u201ccritical inflection point\u201d for its future.<\/p>\n\n\n\n

The Norwegian Government Pension Fund Global owns a 1.14% stake in Tesla, valued at about $11.7 billion as of June.<\/p>\n\n\n\n

This is not the first time the fund has opposed a Musk compensation plan.<\/p>\n\n\n\n

In 2024, the fund voted against Musk\u2019s previous $56 billion pay package.<\/p>\n\n\n\n

The management explained that this vote was \u201cconsistent\u201d with its opposition to the same award in 2018.<\/p>\n\n\n\n

At that time, the fund said: \u201cWhile 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.\u201d<\/p>\n\n\n\n

Shareholders Urge Rejection of Musk\u2019s Pay Plan, Accusing Tesla Board of Prioritizing CEO Over Company Reputation<\/h2>\n\n\n\n

In May, several Tesla shareholders and investor groups urged others to vote against Musk\u2019s pay plan in an open letter. The letter accused Tesla\u2019s board of damaging the company\u2019s reputation in its \u201crelentless pursuit of retaining\u201d Musk.<\/p>\n\n\n\n

It was signed by SOC Investment Group, the American Federation of Teachers, and the state treasurers of Nevada, New Mexico, Connecticut, Massachusetts, and Colorado, along with the comptrollers of Maryland and New York City.<\/p>\n\n\n\n

The letter alleged that Tesla\u2019s board \u201cis made up of directors with close ties to the CEO.\u201d<\/p>\n\n\n\n

It also claimed the proposed pay package \u201cprovides so much discretion to Tesla\u2019s Board that shareholders cannot be confident of impartial treatment.\u201d<\/p>\n\n\n\n

The letter further stated: \u201cWe believe that these relationships have enabled a culture where the Board consistently fails to challenge Mr. Musk, even when his actions are detrimental to the Company\u2019s value and its public shareholders.\u201d<\/p>\n\n\n\n

In October, proxy advisor Institutional Shareholder Services (ISS) also recommended voting against the pay package.<\/p>\n\n\n\n

ISS argued that while the award\u2019s goal is to retain Musk and secure his focus on Tesla, \u201cthere are no explicit requirements to ensure that this will be the case.\u201d<\/p>\n\n\n\n

On Tuesday morning, Tesla\u2019s share price fell around 2.61% in premarket trading, to $456.18.<\/p>\n\n\n\n

The Tesla board had outlined Musk\u2019s proposed compensation in an SEC filing from September.<\/p>\n\n\n\n

The plan would grant Musk an additional 12% stake in Tesla, divided into 12 tranches over 10 years, based on meeting certain performance goals.<\/p>\n\n\n\n

This proposal aligns with Musk\u2019s earlier demand for a 25% voting interest in the company, after he reportedly threatened to leave Tesla to focus on other ventures.<\/p>\n\n\n\n

To receive the full reward, Musk must raise Tesla\u2019s market capitalization from approximately $1.47 trillion to $8.5 trillion within ten years.<\/p>\n","protected":false},"excerpt":{"rendered":"

Norges Bank Investment Management, which manages Norway\u2019s Government Pension Fund Global, announced its voting decisions ahead of Tesla\u2019s annual shareholder meeting. The fund stated it would vote against Elon Musk\u2019s \u201cCEO Performance Award.\u201d Norway\u2019s Sovereign Wealth Fund to Vote Against Elon Musk\u2019s CEO Performance Award at Tesla Meeting It acknowledged \u201cthe significant value created under […]<\/p>\n","protected":false},"author":25,"featured_media":1302321,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[240,1567],"class_list":["post-1302291","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-elon-musk","tag-tesla"],"acf":[],"yoast_head":"\nTesla's $1 Trillion Pay Plan Will Be Opposed By Norway\u2019s Sovereign Wealth Fund - Trak.in - Indian Business of Tech, Mobile & Startups<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/trak.in\/stories\/teslas-1-trillion-pay-plan-will-be-opposed-by-norways-sovereign-wealth-fund\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tesla's $1 Trillion Pay Plan Will Be Opposed By Norway\u2019s Sovereign Wealth Fund - Trak.in - Indian Business of Tech, Mobile & Startups\" \/>\n<meta property=\"og:description\" content=\"Norges Bank Investment Management, which manages Norway\u2019s Government Pension Fund Global, announced its voting decisions ahead of Tesla\u2019s annual shareholder meeting. The fund stated it would vote against Elon Musk\u2019s \u201cCEO Performance Award.\u201d Norway\u2019s Sovereign Wealth Fund to Vote Against Elon Musk\u2019s CEO Performance Award at Tesla Meeting It acknowledged \u201cthe significant value created under […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/trak.in\/stories\/teslas-1-trillion-pay-plan-will-be-opposed-by-norways-sovereign-wealth-fund\/\" \/>\n<meta property=\"og:site_name\" content=\"Trak.in - Indian Business of Tech, Mobile & Startups\" \/>\n<meta property=\"article:published_time\" content=\"2025-11-07T09:12:21+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-11-07T09:12:51+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/trak.in\/stories\/wp-content\/uploads\/2025\/11\/Screenshot-2025-11-02-at-4.25.09-PM-1024x499-1.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"499\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Radhika Kajarekar\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Radhika Kajarekar\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/trak.in\/stories\/teslas-1-trillion-pay-plan-will-be-opposed-by-norways-sovereign-wealth-fund\/\",\"url\":\"https:\/\/trak.in\/stories\/teslas-1-trillion-pay-plan-will-be-opposed-by-norways-sovereign-wealth-fund\/\",\"name\":\"Tesla's $1 Trillion Pay Plan Will Be Opposed By Norway\u2019s Sovereign Wealth Fund - 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