Musk’s $1 Trillion Tesla Pay Package Opposed by Calpers (1)

California Public Employees’ Retirement System, the largest public pension plan in the US, is planning to vote against Elon Musk’s $1 trillion Tesla Inc. compensation agreement, delivering a setback for the company’s plan to award one of the most lucrative pay packages in corporate America.

“The CEO pay package proposed by Tesla is larger than pay packages for CEOs in comparable companies by many orders of magnitude,” Drew Hambly, Calpers’ global equities investment director, said in an emailed statement, adding that the pension plan typically measures proposed compensation against performance and industry norms.

“It would also further concentrate power ...