Billionaire Elon Musk, chief executive officer of Tesla Motors (Photographer: Troy Harvey/Bloomberg)

Biggest Wealth Fund Backed Motion to Split Musk's Roles at Tesla

(Bloomberg) -- Norway’s $1 trillion wealth fund backed the unsuccessful shareholder proposal to split Elon Musk’s combined roles of chief executive and chairman at Tesla Inc., according to a statement.

The fund was in the minority, as other investors at Tuesday’s annual general meeting in Mountain View, California, supported the current setup. The Norwegian fund held 0.48 percent of Tesla’s stock at the end of 2017.

In March, the wealth fund also voted against management recommendations in a special meeting convened to approve one of the largest compensation deals in history for Tesla’s chief executive.

The fund has consistently voted to end dual CEO and chairman roles and against some pay packages. It has also expressed concerns about the increasing use of voteless shares in initial public offerings of large technology companies, such as Snap Inc.

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