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

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,” a spokesperson for Calpers said in an emailed statement. “It would also further concentrate power in a single shareholder.”

Calpers owns about 5 million shares in Tesla, according to data compiled by ...