(MENAFN) The world’s largest sovereign wealth fund, Norges Bank Investment Management (NBIM), revealed on Tuesday that it plans to vote against Elon Musk’s $1 trillion compensation proposal at Tesla’s annual shareholder meeting later this week.

NBIM, which manages the fund and ranks among Tesla’s major shareholders, stated that it had previously opposed Musk’s pay package as the company’s CEO.

“While we appreciate the significant value created under Mr. Musk’s visionary role, 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,” NBIM said in a statement. "We will continue to seek constructive dialogue with Tesla on this and other topics."

The Norwegian fund owns a 1.14% share in Tesla, according to its semi-annual filings from June, with the investment valued at 118.3 billion Norwegian kroner ($11.6 billion).

The $1 trillion figure comes from an executive compensation scheme proposed by Tesla’s board in September. If Tesla achieves certain performance targets over the next decade, Musk—the world’s wealthiest individual—would receive 12 separate tranches of shares.

Under the complete plan, Musk would gain more than 423 million additional shares. He currently holds around 13% of Tesla’s stock.

The proposed arrangement has drawn criticism from labor unions and corporate governance advocates, fueling the “Take Back Tesla" protest movement, which urges shareholders to vote against the plan.

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