May 23 (Reuters) - Tesla investor Scottish

Mortgage Investment trust ( STMZF ) said on Thursday it plans to continue

backing CEO Elon Musk's $56 billion pay package at its annual

shareholder meeting next month.

Last month, the EV maker asked shareholders to reaffirm

their approval for Musk's record-breaking compensation after a

Delaware judge rejected the package in January.

Scottish Mortgage had agreed to the package Tesla set in

2018 and after agreeing to the deal, the firm believes the

amount should be paid out, Tom Slater, manager at the investment

trust said.

Musk's pay package, the largest in corporate America, has no

salary or cash bonus and sets rewards based on Tesla's market

value rising to as much as $650 billion over the next 10 years

from 2018.

The automotive giant's market value stood at $574 billion as

of Wednesday's closing price, having already touched the $1

trillion market cap figure in 2021.

Tesla's chair, Robyn Denholm has reportedly been campaigning

and meeting with shareholders to secure their vote for the

approval of Musk's pay deal.

Scottish Mortgage, managed by Baillie Gifford, is yet to

decide on Musk's move to incorporate Tesla in Texas, the

investment trust told the Financial Times, which first reported

the news first.