March 22, 2018 / 6:37 AM / a year ago

Norway's wealth fund opposed Tesla chief's stock option plan

OSLO, March 22 (Reuters) - Norway’s $1 trillion sovereign wealth fund, the world’s largest, opposed Tesla Inc Chief Executive Elon Musk’s compensation package in Wednesday’s shareholder vote, the fund said on its website.

Owners of the electric car company approved the compensation package, potentially worth $2.6 billion, though by a lower margin than U.S. CEOs typically receive on pay votes.

The Norwegian fund, which at the start of 2018 owned 0.48 percent of Tesla’s shares, worth $252.5 million, did not say why it voted against Musk’s package. In the past, the fund has said it would work for an overhaul of executive pay. (Reporting by Terje Solsvik, editing by Camilla Knudsen)

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