Concerned about size of award given 'performance triggers' and 'dilution'
Norway's sovereign wealth fund aims to shoot down Elon Musk's planned $56 billion compensation package at Tesla's annual shareholder meeting scheduled for Thursday this week, June 13.
"While 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 the performance triggers, dilution, and lack of mitigation of key person risk," it added in the statement on its website."We will continue dialogue with Tesla on this and other topics.", as referenced by NBIM.
Even before this, a Delaware Court of Chancery scotched the compensation in January, agreeing with a shareholder that believed the package was excessive. A judge ruled the award was illegally approved, citing Musk's close links with the board and his considerable influence over Tesla.
"We all know Elon is one of the wealthiest people on the planet, and he would remain so even if Tesla were to renege on the commitment we made in 2018. Elon is not a typical executive, and Tesla is not a typical company. So, the typical way in which companies compensate key executives is not going to drive results for Tesla.
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