The California State Teachers’ Retirement System plans to vote against Tesla CEO Elon Musk’s $56 billion compensation package, the pension fund’s chief investment officer said. He told CNBC on monday.
“We’re paying him 140 times what the average worker makes. How’s that? I think that’s fair enough. This pay structure is ridiculous,” Chris Eilman said on “Squawk on the Streets.”
Norway’s $1.7 trillion sovereign wealth fund said Saturday it would vote against approving Musk’s compensation package, which is due to go to a shareholder vote on Thursday after a Delaware court ruled it invalid earlier this year.
CalSTRS did not immediately respond to a Reuters request for comment.
Tesla is also proposing to reincorporate in Texas instead of Delaware and to re-elect two directors, including Musk’s brother, Kimbal.
