Norges Bank Investment Management, the investment arm of Norway’s central bank and one of the largest investors in Tesla, announced on Nov. 4 that it would vote against a proposed $1 trillion pay package for Tesla CEO Elon Musk.
The investment fund, which holds 1.16 percent of Tesla’s shares, making it the company’s sixth-largest institutional investor, expressed concerns about the total size of the proposed compensation package, which would be paid out over the next decade if all performance targets are met.
