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.
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