Norway’s $1 Trillion Wealth fund Opposes Elon’s Double Role at Tesla
Norges Bank Investment Management (NBIM), world's largest sovereign wealth fund on Wednesday said that it had backed an initiative to wrest the role of chairman away from Tesla Chief Executive Elon Musk.
The proposal which represented the strongest challenge yet to Musk’s grip on the Silicon Valley car company got defeated Tesla’s annual meeting of stockholders on Tuesday.
Norway's $1 trillion wealth fund is in favour of dividing the roles of CEO and chairman to strengthen corporate governance.
Furthermore, the fund voted against the re-election of board member Antonio Gracias but favoured the re-appointment of Elon Musk’s brother Kimbal and James Murdoch.
It is also crucial to note that NBIM had voted against Elon Musk's proposed pay package that was valued at $2.6 billion by ...