“Consistent Views”: Norway Fund Stands Firm, Votes No on Musk Pay a Second Time

Citing its “consistent views on executive compensation,” Norway’s sovereign wealth fund has announced it will, for a second time, vote against a massive pay package for Elon Musk.
The fund, which holds a $17 billion stake, will vote “no” on the new $1 trillion proposal, just as it voted “no” on the $56 billion package last year.
That $56 billion deal was later voided by a Delaware court, forcing the board to bring this new, larger proposal to a vote. The fund’s stance, however, has not changed.
“We are concerned about the total size of the award,” the fund stated, adding that “dilution” and “key person risk” were also factors, “consistent” with its previous opposition.
This “consistent” stance has come at a personal cost. After the last “no” vote, Musk snubbed the fund’s CEO, Nicolai Tangen, for a dinner, texting, “Friends are as friends do.” The fund, however, appears to be prioritizing governance over friendship.