{"id":81157,"date":"2018-06-06T12:42:31","date_gmt":"2018-06-06T12:42:31","guid":{"rendered":"http:\/\/www.bnreport.com\/worlds-top-wealth-fund-opposed-musks-double-roles-as-tesla\/"},"modified":"2018-06-06T12:42:31","modified_gmt":"2018-06-06T12:42:31","slug":"worlds-top-wealth-fund-opposed-musks-double-roles-as-tesla","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/worlds-top-wealth-fund-opposed-musks-double-roles-as-tesla\/","title":{"rendered":"World’s top wealth fund opposed Musk’s double roles as Tesla"},"content":{"rendered":"

OSLO: Norway's $1 trillion wealth fund<\/a> said on Wednesday it had backed an initiative to wrest the role of chairman away from Tesla<\/a> Chief Executive Elon Musk<\/a>.<\/p>\n

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. <\/p>\n

Norges Bank Investment Management (NBIM), which runs the world's largest sovereign wealth fund, favours dividing the roles of CEO and chairman to boost corporate governance. <\/p>\n

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. <\/p>\n

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. <\/p>\n

The Norwegian fund, which owns 1.4 per cent of all globally listed shares<\/a>, held a 0.48 per cent stake in Tesla at the end of 2017, worth $252.5 million, according to the fund's own data. <\/p>\n

<\/a><\/strong> <\/a><\/p>\n

Original Article<\/a><\/p>\n

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ET Markets<\/a><\/h5>\n

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OSLO: Norway's $1 trillion wealth fund said on Wednesda..<\/p>\n","protected":false},"author":1,"featured_media":81158,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[202],"tags":[],"class_list":["post-81157","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"\nWorld's top wealth fund opposed Musk's double roles as Tesla - Business News Report<\/title>\n<meta name=\"description\" content=\"OSLO: Norway's $1 trillion wealth fund said on Wednesda..\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bnreport.com\/en\/worlds-top-wealth-fund-opposed-musks-double-roles-as-tesla\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"World's top wealth fund opposed Musk's double roles as Tesla - 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