Tesla’s board is facing a united front of opposition to Elon Musk’s $1 trillion pay package, as Norway’s sovereign wealth fund has joined advisory giants ISS and Glass Lewis in rejecting the deal.
The Norwegian fund, a $17 billion shareholder, announced its “no” vote, citing the “total size” and “key person risk.”
This move is significant because it aligns a major investor with the two most influential proxy advisory firms. ISS and Glass Lewis guide the votes of many large institutional funds, and their combined opposition creates a formidable hurdle.
This bloc of dissent also includes major US pension funds like the California Public Employees’ Retirement System (CalPERS).
The Tesla board, led by Robyn Denholm, is left arguing that these governance-focused groups are failing to see the “significant value” loss that would occur if Musk leaves.
Tesla Faces United Front as ISS, Glass Lewis, and Norway Fund Oppose $1T
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