挪威主权财富基金反对马斯克万亿美元薪酬方案，股东大会投票将成特斯拉“生死关”

Core Viewpoint - The Norwegian sovereign wealth fund (NBIM) announced its opposition to Elon Musk's proposed $1 trillion compensation plan at Tesla's upcoming annual shareholder meeting, signaling a significant challenge to Tesla's governance and potentially influencing other institutional investors to follow suit [2][3]. Group 1: Compensation Plan Opposition - NBIM criticized the compensation plan as "excessive, dilutive to shareholder rights, and failing to effectively mitigate key person risk" [3]. - The fund also plans to oppose the re-election of two board members and reject the overall stock incentive plan, emphasizing the importance of adhering to environmental, social, and governance (ESG) principles [3][4]. - Following the announcement, Tesla's stock price dropped, reflecting investor concerns about the potential ripple effects from European funds [3][4]. Group 2: Historical Context of Musk's Compensation - Musk's compensation has been tied to Tesla's market value and performance since 2010, with a notable plan introduced in 2012 that allowed him to unlock stock options as the company's market cap increased by $4 billion [5][6]. - The 2018 plan was more aggressive, allowing Musk to earn up to $56 billion in stock options if he met certain milestones, which faced criticism for being overly generous [6]. - A Delaware court ruled the 2018 plan invalid due to a lack of board independence, leading to a re-evaluation of Musk's compensation structure [6][7]. Group 3: Current Market Dynamics - Tesla's market cap has fluctuated significantly, with a recent proposal linking Musk's rewards to an increase from approximately $1.4 trillion to $8.5 trillion, dubbed the "Mars-shot" plan [7]. - The upcoming shareholder vote on November 7 is seen as critical, with Musk holding about 15.3% of the voting power, and support from retail investors and some institutions [8]. - The potential for increased opposition from major investment firms could lead to significant changes in the proposal, highlighting the tension between innovation and governance [8][9]. Group 4: Broader Implications - The opposition from NBIM may inspire other ESG-focused funds to push for reforms in executive compensation, potentially reshaping global corporate governance standards [8][9]. - The outcome of this situation could have far-reaching effects beyond Tesla, influencing the broader investment landscape and discussions around income inequality in executive pay [8][9].