Tesla’s Pay Package for Musk Opposed by Calpers CEO (Correct)

Calpers, the largest state public pension fund in the US, tentatively plans to vote against a proposed $56 billion pay package for Tesla Inc. Chief Executive Officer Elon Musk, a sign of opposition from a major investor.

“As of today, minus the conversation that has yet to happen with Tesla, we would not be voting in favor of that proposal,” Marcie Frost, CEO of the California Public Employees’ Retirement System, said Wednesday in an interview with CNBC. “We do not believe that the compensation is commensurate with the performance of the company.”

Frost’s statement adds to the ...