California State Teachers Retirement System will vote against Tesla CEO Elon Musk’s $56 billion pay package, the pension fund’s chief investment officer told CNBC on Monday.
“We’ll pay him 140-times the average worker pay. How about that deal? I think that’s more than fair. This pay package is ridiculous,” Chris Ailman said on “Squawk on the Street.”
Norway’s $1.7 trillion sovereign wealth fund said Saturday it would vote against ratifying Musk’s compensation package, which is up for a shareholder vote on Thursday after a Delaware judge invalidated it 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 re-elect two directors, including Musk’s brother, Kimbal.