OSLO - Tesla investor KLP, Norway's largest pension fund, will vote in favour of a shareholder proposal urging the U.S. electric vehicle maker to engage in wage and other labour negotiations as it continues to face industrial action in Sweden.
KLP holds 900,000 Tesla shares worth some 1.7 billion crowns , a stake of about 0.02% as of late February, according to LSEG Workspace data. Last summer, it removed Tesla shares from its sustainable funds.Sweden's AMF pension fund will back the motion as well, and was "actively working" to get other investors to support it.
The conflict could have wider repercussions for Tesla, whose tough stance globally on unions could be undermined if it buckles in Sweden.KLP will also vote against a proposed plan to relocate Tesla to Texas from Delaware, and against ratifying a $56-billion pay package for CEO Elon Musk. As for Musk's pay package, "We have voted against it back in 2018 when it was introduced, and we continue to see it as being both excessive and leading to extensive dilutive effects to current shareholders," Aziz said.
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