07:58 AM EDT, 06/04/2024 (MT Newswires) -- Tesla (TSLA) investor, KLP, a Norwegian pension fund, will vote in favor of collective bargaining motion at the company's annual meeting as the EV manufacturer continues to face industrial action in Sweden, Reuters reported Tuesday, citing a pension fund spokesperson.

The company will hold its annual general meeting on June 13. On the agenda is a proposal by four institutional investors for the EV producer to implement a policy for "non-interference and good faith bargaining," the report added.

"We will support the proposal," Reuters quoted Kiran Aziz, KLP's head of responsible investments, as saying. "We hope (it) will gain significant support from other shareholders too."

KLP will also oppose a proposed relocation of Tesla to Texas from Delaware, and against ratifying a $56 billion salary package for Tesla Chief Executive Elon Musk, the report said, citing Aziz.

"We do not find the rationale (for the move to Texas) sufficiently strong and convincing," Aziz told Reuters.

Neither Tesla nor KLP immediately responded to MT Newswires' requests 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.)

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