Norway's $1 trillion (£745bn) wealth fund said it had backed the proposal to boot out Tesla chief executive Elon Musk from his role as chairman at the company's annual meeting yesterday.
Norges Bank Investment Management (NBIM), which runs the world's largest wealth fund, said that by separating the roles of chief executive and chairman, corporate governance would increase.
The shareholders did however vote against the proposal to wrest Musk out of the role and voted to re-elect three board members, one of which the wealth fund voted against.
Read more: Elon Musk says Tesla will 'quite likely' meet Model 3 production targets
Musk has faced criticism in the past in regards to his multiple responsibilities potentially causing problems for Tesla as well as his involvement in SpaceX and the Boring Company.
In March, NBIM was among the minority of shareholders who voted against Musk's pay package, which was valued by Tesla at $2.6bn and could potentially become worth more.
The fund owned 0.48 per cent of Tesla's shares at the end of 2017, estimated worth of $252.5m, and owns 1.4 per cent of all globally listed shares.
Read more: Musk keeps firm grip on Tesla as shareholders get behind boss
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