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Swedish fund manager to vote against Musk's $56 billion Tesla pay package

June 11, 2024 at 06:27 pm

COPENHAGEN (Reuters) - Swedish fund manager Lansforsakringar Fondforvaltning said on Tuesday it will vote against ratifying Tesla CEO Elon Musk's $56 billion pay package, which is up for a shareholder vote on Thursday.

The fund said in an emailed statement that the remuneration package would fall outside what could be considered market-based and reasonable.

"In addition, the CEO is already highly incentivised by being the company's single largest shareholder," the fund said, among other reasons for its intention to vote against the pay package.

Lansforsakringar Fondforvaltning holds about 0.03% of shares in the U.S. carmaker, according to the fund.

(Reporting by Louise Breusch Rasmussen; Editing by Chizu Nomiyama)

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Elon Musk

Mr. Elon R. Musk is a Chief Executive Officer at The Boring Co., a Technoking of Tesla at Tesla, Inc., a Chief Executive Officer & Director at Space Exploration Technologies Corp., a Chief Executive & Technology Officer at Spacex SA and a Co-Chairman at OpenAir, Inc. He is on the Board of Directors at Tesla, Inc., Space Exploration Technologies Corp., Endeavor Group Holdings, Inc. and Musk Foundation. Mr. Musk was previously employed as a Trustee by California Institute of Technology, a Chairman by SolarCity Corp., a Chairman & Chief Executive Officer by PayPal, Inc., a Founder by Zip2 Corp., a Co-Founder by Neuralink Corp., a Co-Founder by OpenAI, Inc., a Non-Executive Director by Surrey Satellite Technology Ltd., and a Trustee by X PRIZE Foundation. He also served on the board at Everdream Corp. He received his undergraduate degree from the University of Pennsylvania and an undergraduate degree from The Wharton School of the University of Pennsylvania.

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TESLA, INC.	Founder
Space Exploration Technologies Corp. Space Exploration Technologies Corp. Aerospace & DefenseElectronic Technology Space Exploration Technologies Corp. designs, manufactures and launches rockets and spacecrafts. It develops the partially reusable launch vehicles Falcon 1 and Falcon 9. The company was founded by Elon Reeve Musk in 2002 and is headquartered in Hawthorne, CA.	Chief Executive Officer