A major showdown is set for Tesla’s annual meeting as Norway’s sovereign wealth fund joins advisory giants ISS and Glass Lewis in opposing Elon Musk’s $1 trillion pay deal.
The Norwegian fund, which is Tesla’s seventh-largest shareholder, announced its “no” vote, citing the “total size” and “key person risk” of the unprecedented package.
This creates a powerful bloc of opposition. ISS and Glass Lewis are the two most influential firms advising institutional shareholders on how to vote, and their joint rejection is a serious blow to the proposal.
Tesla’s board is urging a “yes” vote, framing it as a matter of retention. Chair Robyn Denholm warned that the company risks losing “significant value” if Musk leaves.
This is the second time this group has clashed. The fund also opposed the $56 billion package last year, which was voided by a Delaware court. With other large pension funds also voting “no,” the board faces a difficult fight.