New slam of the Norwegian sovereign fund on Elon Musk: vote no to offer him 52 billion and criticize that nothing is finished to mitigate “personalism” at Tesla | EUROtoday

Another slam of the door by one in all its major shareholders on the founding father of Tesla. He Norwegian sovereign wealth fund vote in opposition to Tesla's $56 billion (about €52 billion) pay package deal for its founder, Elon Muskas reported by the Norges Bank IM in an announcement this Saturday.

“We remain concerned about the figure, but also about the structure based on which the remuneration is granted given the triggers of performance, dilution and lack of mitigation of personalism in the company,” stated the funding fund of the Scandinavian nation.

Norway's sovereign wealth fund He additionally opposed Musk's pay package deal in 2018, Although at the moment three quarters of Tesla shareholders authorized the proposal, even if justice paralyzed it.

“The decision is consistent with our vote on the same idea in 2018,” the fund has justified, including to its place that “it will continue to seek a constructive dialogue with Tesla on this and many other issues,” in keeping with the Europa Press company.

Tesla's General Shareholders' Meeting will meet subsequent June 13, which would be the second assembly during which the inexperienced mild shall be given to the wage of the businessman of South African origin. In 2018, a Delaware choose annulled the fee and there are already a number of proxies – shareholder advisory agency – equivalent to Glass Lexis e Institutional Shareholder Services (ISS) those that have really helpful their shoppers to vote in opposition to the proposal.

MOVING HEADQUARTERS TO TEXAS

The different huge proposal that shareholders should vote on at subsequent week's assembly is the administration's proposal to maneuver the corporate's company headquarters to Texas from Delaware with an underlying technique for the electrical automobile producer to undertake new insurance policies associated to collective bargaining and freedom of affiliation in full administration tug-of-war with its employees in Sweden, on strike since October.

The Norwegian sovereign fund is the Tesla's eighth largest shareholder with a 0.98% stake, valued at about 7.7 billion {dollars} (7.12 billion euros). At the weekly shut, the automobile producer's shares remained secure at round 177 {dollars} (about 164 euros per share) after shedding nearly 30% of capitalization since January.