Carmaker’s seventh biggest single investor will vote against package at annual shareholder meeting

Norway’s sovereign wealth fund has said it will vote against a $1tn (£765bn) pay package for the Tesla chief executive, Elon Musk.

The fund, which is the biggest national wealth fund in the world, said that while it appreciated the “the significant value created under Mr Musk’s visionary role” it would vote against his performance award.

“We are concerned about the total size of the award, dilution and lack of mitigation of key person risk – consistent with our views on executive compensation,” it said. “We will continue to seek constructive dialogue with Tesla on this and other topics.”