Oslo: Norway’s $1.6 trillion sovereign wealth fund, the world’s largest, has announced its decision to vote against Tesla CEO Elon Musk’s proposed $1 trillion compensation package. The move marks one of the most high-profile rebukes yet from an institutional investor amid growing unease about corporate governance and executive pay at the electric vehicle giant.

The decision by Norges Bank Investment Management (NBIM), which manages the Government Pension Fund Global, comes just days ahead of Tesla’s annual general meeting on November 6. Despite its strong opposition, the pay proposal is still expected to pass, given Musk’s large personal stake and support from a section of loyal shareholders.

NBIM, which owns about 1.12 percent of Tesla a stake valued at roughly $17 billion cited conce

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