ISS, CalPERS, and Norway’s Fund Form Bloc to Block $1T Musk Payout

A powerful bloc of institutional investors and advisory firms is forming to block Elon Musk’s proposed $1 trillion pay package. Norway’s sovereign wealth fund is the latest to join, announcing its “no” vote.
The fund, Tesla’s seventh-largest shareholder, joins a list of prominent opponents. This includes the two most influential shareholder advisory groups, Glass Lewis and ISS, which have both recommended that investors reject the deal.
Major pension funds are also in opposition, including the California Public Employees’ Retirement System (CalPERS), the largest public scheme in the US, and the American Federation of Teachers.
The Norwegian fund’s reasoning echoes the others: “concerns about the total size of the award, dilution and lack of mitigation of key person risk.”
Tesla’s board is fighting back, warning of a “significant value” loss if Musk is not retained. However, this united front of dissent poses a serious threat to the proposal’s passage at Thursday’s meeting.