Tesla shareholders are voting this week on whether to award CEO Elon Musk a new pay package potentially worth up to $1 trillion over a decade, with some prominent investors in the electric car maker criticizing the compensation plan.

Norway's sovereign wealth fund, which holds a stake in Tesla, on Tuesday said it would vote against the pay package.

"While we appreciate the significant value created under Mr. Musk's visionary role, we are concerned about the total size of the award, dilution and lack of mitigation of key person risk consistent with our views on executive compensation," said Norges Bank Investment Management, which manages the country's government pension fund.

The fund has a 1.16% stake in Tesla, the sixth-largest holding among institutional investors.

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