OSLO ¨C Norway¡¯s $1 trillion wealth fund said Wednesday it had backed an initiative to wrest the role of chairman away from Tesla chief executive Elon Musk.
The proposal, which was defeated in a vote at Tesla¡¯s annual meeting of stockholders on Tuesday, represented the strongest challenge yet to Musk¡¯s grip on the Silicon Valley car company.
Norges Bank Investment Management (NBIM), which runs the world¡¯s largest sovereign wealth fund, favors dividing the roles of CEO and chairman to boost corporate governance.
The fund also voted against the re-election of board member Antonio Gracias, but backed the reappointment of James Murdoch as well as Elon Musk¡¯s brother Kimbal.
NBIM in March voted against Elon Musk¡¯s proposed pay package, which was valued by Tesla at $2.6 billion and may ultimately become worth much more, although it was still approved by a majority of shareholders.
The Norwegian fund, which owns 1.4 percent of all globally listed shares, held a 0.48 percent stake in Tesla at the end of 2017, worth $252.5 million, according to the fund¡¯s own data.
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