World's Top Wealth Fund NBIM Opposed Elon Musk's Double Role at Tesla
The proposal represented the strongest challenge yet to Musk's grip on the Silicon Valley car company.
File photo of Elon Musk.
Norway's $1 trillion wealth fund said it had backed an initiative to wrest the role of chairman away from Tesla Chief Executive Elon Musk. The proposal, which was defeated in a vote at Tesla's annual meeting of stockholders on Tuesday, represented the strongest challenge yet to Musk's grip on the Silicon Valley car company.
Norges Bank Investment Management (NBIM), which runs the world's largest sovereign wealth fund, favours dividing the roles of CEO and chairman to boost corporate governance. The fund also voted against the re-election of board member Antonio Gracias, but backed the reappointment of James Murdoch as well as Elon Musk's brother Kimbal. NBIM in March voted against Elon Musk's proposed pay package, which was valued by Tesla at $2.6 billion and may ultimately become worth much more, although it was still approved by a majority of shareholders.
The Norwegian fund, which owns 1.4 percent of all globally listed shares, held a 0.48 percent stake in Tesla at the end of 2017, worth $252.5 million, according to the fund's own data.
Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, Telegram, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.
Recommended For You
- Soni Razdan and Mukesh Bhatt React to Fake Wedding Card of Alia and Ranbir Kapoor
- In Pics: Malaika Arora Rings in Her 46th Birthday with Arjun Kapoor, Akshay Kumar, Kareena Kapoor
- Can you Spot the Snake Hiding in Plain Sight in This Viral Photo from Australia?
- Sara Ali Khan's Bikini Pics from Sri Lankan Getaway Are Proof of Beachside Vacay Done Right
- Apple Watch Saves Another Life; This Time a Man Who Fell Off a Cliff And Broke His Back