Musk’s $56 Billion Tesla Pay Deal Opposed by Norway Fund (1)

Norway’s $1.7 trillion sovereign wealth fund said it would vote against the $56 billion pay package for Tesla Inc. Chief Executive Officer Elon Musk, adding to opposition for the carmaker ahead of its annual general meeting next week.

“We remain concerned about the total size of the award, the structure given performance triggers, dilution, and lack of mitigation of key person risk,” Norges Bank Investment Management - the official name of the fund - said in a statement Saturday.

The vote at next week’s AGM will be the second time Musk’s pay package has been put before shareholders. A ...