Norway’s sovereign wealth fund, a significant shareholder in Tesla (TSLA.O), has affirmed its commitment to engaging in “constructive dialogue” with the electric vehicle giant following the contentious approval of CEO Elon Musk’s $56 billion compensation package at Tesla’s annual general meeting.
Despite the fund’s dissenting vote against Musk’s record pay, Tesla shareholders endorsed the unprecedented compensation plan on Thursday. The Norwegian fund, identified as the automaker’s eighth-largest shareholder by LSEG data, holds a stake equivalent to 0.98% of Tesla’s shares, valued at $7.7 billion as of the end of 2023.
“We will continue to seek constructive dialogue with Tesla on this and other topics,” stated a spokesperson for the fund, emphasizing their ongoing engagement with the company. The spokesperson highlighted recent interactions with Tesla Chair Robyn Denholm, underscoring the regularity and positive nature of their discussions, though specific details were not disclosed.
The sovereign wealth fund’s stance underscores its active role as a shareholder in promoting governance and accountability within Tesla, despite differing views on executive compensation.
