07:04 AM EDT, 06/10/2024 (MT Newswires) -- Norway's $1.7 trillion sovereign wealth fund will vote against ratifying Tesla chief (TSLA) Elon Musk's $56 billion pay package, which a Delaware judge invalidated earlier this year, Reuters reported on Saturday.

"We remain concerned about the total size of the award, the structure given performance triggers, dilution, and lack of mitigation of key person risk," Norges Bank Investment Management, the fund operator, told Reuters.

Musk took to social media X to criticize the fund's decision, stating that if the fund had surveyed the constituents, they would have discovered "overwhelming support in favour", Reuters said.

The fund also supports a proposal for Tesla to adopt a freedom of association and collective bargaining policy and will vote for Musk's brother, Kimbal, to be re-elected to Tesla's board, according to the report.

Tesla shareholders will vote on Musk's pay, as well as the re-election of directors, including Musk's brother, at their annual meeting scheduled on June 13,

Norges Bank Investment Management and Tesla did not immediately respond to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price: 177.08, Change: -0.40, Percent Change: -0.23