Norway's sovereign wealth fund operated by Norges Bank Investment Management said Saturday it will vote against Elon Musk's hefty CEO compensation package during Tesla's annual meeting on Thursday.
It's the latest pushback over the size of the pay package, which was recently valued by the company at US$44.9 billion, but in January had a value of about US$56 billion. In May, two big shareholder advisory firms, ISS and Glass Lewis, recommended voting against the package.
鈥淲hile we appreciate the significant value generated under Mr. Musk鈥檚 leadership since the grant date in 2018, we remain concerned about the total size of the award, the structure given performance triggers, dilution, and lack of mitigation of key person risk,鈥 Norges Bank Investment Management said in a statement on its website. 鈥淲e will continue to seek constructive dialogue with Tesla on this and other topics.鈥
Tesla asked shareholders to restore Musk鈥檚 pay package after it was rejected by a Delaware judge this year.
The fund, called the Government Pension Fund Global, which has a 0.98 per cent stake in Tesla worth US$7.72 billion, voted against the package initially in 2018.
The fund invests proceeds from the country鈥檚 oil and gas industry to secure pensions for future generations in Norway. It is worth 17.80 trillion Norwegian Krone (US$1.67 trillion). Because of its sheer size, the fund does not reinvest all its money in Norway, or it would overheat the economy. It invests in 72 countries worldwide.
The fund also plans to vote for several shareholder policies that management has recommended shareholders vote against, including a proposal to adopt a noninterference policy respecting freedom of association and collective bargaining; adopting a simple majority vote; declassifying the board of directors; and publishing reports on harassment and discrimination prevention efforts.
Today Canadians will remember and honour the sacrifice of men and women in uniform who gave their lives in service of the country's values and principles.
Canada has announced changes to their visitor visa policies, effectively ending the automatic issuance of 10-year multiple-entry visas, according to new rules outlined by Immigration, Refugees and Citizenship Canada.
Toy giant Mattel says it 'deeply' regrets an error on the packaging of its 'Wicked' movie-themed dolls, which mistakenly links toy buyers to a pornographic website.
U.S. President-elect Donald Trump says that Tom Homan, his former acting U.S. Immigration and Customs Enforcement director, will serve as "border czar" in his incoming administration.
If Earth's astronomical observatories were to pick up a signal from outer space, it would need an all-hands-on-deck effort to decipher the extraterrestrial message. A father-daughter team of citizen scientists recently deciphered the message. Its meaning, however, remains a mystery.
Two nephews of the beloved Harry R. Hamilton share stories about his life and legacy.
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The union representing some 1,200 dockworkers at the Port of Montreal has overwhelmingly rejected a deal with their employers association.
Rod Ashby was desperate to find his wife Kim Ashby after their newly built home in Elk Park, North Carolina, was swept away by Hurricane Helene鈥檚 floodwaters in late September and she went missing.
A government-funded report released to 麻豆传媒 highlights 'systemic racism' against dozens of Black executives within the federal public service, including allegations of abuse, violence and harassment that, in some instances, led to suicide.
A team of tornado experts is heading to Fergus, Ont. after a storm ripped through the area Sunday night.
Two nephews of the beloved Harry R. Hamilton share stories about his life and legacy.
The union representing some 1,200 dockworkers at the Port of Montreal has overwhelmingly rejected a deal with their employers association.
Canada has announced changes to their visitor visa policies, effectively ending the automatic issuance of 10-year multiple-entry visas, according to new rules outlined by Immigration, Refugees and Citizenship Canada.
A man who was critically injured in a police-involved shooting in Hamilton late Sunday afternoon has died in hospital, says the province鈥檚 police watchdog.
With armed conflict again on their continent, many European leaders marked the end 106 years ago of First World War with warnings that liberty, so often taken as self-evident, should be cherished and defended.
A former British soldier who is facing spying charges has admitted escaping from a London prison by clinging to the underside of a delivery truck.
U.S. President-elect Donald Trump says that Tom Homan, his former acting U.S. Immigration and Customs Enforcement director, will serve as "border czar" in his incoming administration.
A cruise ship rescued four people from a disabled catamaran that was taking on water hundreds of kilometres off the coast of Bermuda on Sunday, officials said.
Nighttime bike rides to Kaifeng, an ancient city in central China鈥檚 Henan province known for its historic sites and soup dumplings, have been all the rage among college students in the nearby provincial capital Zhengzhou 鈥 a trend initially encouraged by the government as it sought to promote local tourism.
Russian glide bombs, drones and a ballistic missile smashed into cities in southern and eastern Ukraine on Monday, officials said, killing at least six civilians and injuring about 30 others.
Murray Sinclair鈥檚 family members say the late justice and senator has been laid to rest according to his wishes.
Prime Minister Justin Trudeau announced voters in Cloverdale鈥擫angley City will pick their next member of Parliament on Dec. 16.
Canada's ambassador to the United States 鈥 and co-lead of the federal government's Team Canada war room 鈥 says U.S. president-elect Donald Trump has a different understanding of the bilateral relationship than he did during his first term in the White House.
Researchers are uncovering deeper insights into how the human brain ages and what factors may be tied to healthier cognitive aging, including exercising, avoiding tobacco, speaking a second language or even playing a musical instrument.
Since the U.S. Supreme Court鈥檚 2022 Dobbs decision eliminated the federal right to abortion, miscarriage management has become trickier and in some cases, deadlier.
Just five more minutes of exercise doesn鈥檛 sound so bad, right? Especially when such a small amount may improve your blood pressure, according to a new study.
If Earth's astronomical observatories were to pick up a signal from outer space, it would need an all-hands-on-deck effort to decipher the extraterrestrial message. A father-daughter team of citizen scientists recently deciphered the message. Its meaning, however, remains a mystery.
Bernadett 'Bett'鈥 Szab贸, a 19-year-old Hungarian sex worker, was murdered in the Dutch capital in 2009. Now, more than 15 years after her death, police are hoping to uncover new information about her killing.
In 1916, Harold Wrong plucked a flower from the fields of Somme, France and tucked it into a letter he mailed home to Toronto. For decades, the type of flower sent remained a mystery.
Taylor Swift came out on top at the 2024 MTV EMAs on Sunday, walking away with best artist, best U.S. act, best live act and best video for 鈥淔ortnight鈥 (featuring Post Malone).
Chu shared on his Instagram Stories that he and his wife Kristin Hodge welcomed their fifth child on Saturday, writing that he 鈥渃an鈥檛 believe this happened while the movie is premiering.鈥
On Thursday morning, Dave Penny officially ended a suggested hundred-day isolation period that followed his diagnosis and stem cell treatment for non-Hodgkin's Lymphoma. On Thursday night, Penny returned to a stage at a downtown St. John's bar, regaling a small crowd with songs and stories with a distinctive Newfoundland flair.
Most U.S. stocks are rising Monday and adding to the gains made during their best week of the year.
Toy giant Mattel says it 'deeply' regrets an error on the packaging of its 'Wicked' movie-themed dolls, which mistakenly links toy buyers to a pornographic website.
In his column for CTVNews.ca, personal finance contributor Christopher Liew offers a step-by-step guide on how to make the shift from renting to becoming a homeowner, and what you can start doing today to help the process go smoother.
Doom spending, or the practice of spending money to soothe fears about broader issues like politics or the economy, shows up everywhere from YouTube and TikTok videos to Reddit to personal finance discussions and data in surveys.
A Vancouver designer is making waves in the architectural world with an outdoor modular building created to address the city鈥檚 unrelenting housing crisis.
A rare letter signed by three of the U.S. Founding Fathers of the United States is going on sale, and is expected to fetch up to US$1 million when it goes under the hammer next week.\
The Edmonton Oilers may have found the break they were looking for.
No. 15 LSU has been criticized for unveiling a live caged tiger in its stadium for the first time in almost a decade before they were routed 42-13 by No. 11 Alabama in their SEC showdown.
A Maui man who lost a part of his leg to a shark bite is now out of the hospital and thanking those who saved his life and helped him recover.
Select Porsche owners in Canada have been told to stop driving their cars immediately and to seek repairs after an issue was identified that could cause wheels to separate from vehicles.
A driver's trip from London, Ont. to Ottawa to visit their girlfriend ended in a traffic stop for speeding on Highway 417, according to police.
Recall notices have been issued for some Volkswagen models from 2006 to 2019 for airbag safety issues.
A congestion crisis, a traffic nightmare, or unrelenting gridlock -- whatever you call it, most agree that Toronto has a congestion problem. To alleviate some of the gridlock, the Ontario government has announced it plans to remove bike lanes from three major roadways.
For the second year in a row, the 鈥楪ift-a-Family鈥 campaign is hoping to make the holidays happier for children and families in need throughout Barrie.
Some of the most prolific photographers behind CTV Skywatch Pics of the Day use the medium for fun, therapy, and connection.
A young family from Codroy Valley, N.L., is happy to be on land and resting with their newborn daughter, Miley, after an overwhelming, yet exciting experience at sea.
As Connor Nijsse prepared to remove some old drywall during his garage renovation, he feared the worst.
A group of women in Chester, N.S., has been busy on the weekends making quilts 鈥 not for themselves, but for those in need.
A Vancouver artist whose streetside singing led to a chance encounter with one of the world's biggest musicians is encouraging aspiring performers to try their hand at busking.
Ten-thousand hand-knit poppies were taken from the Sanctuary Arts Centre and displayed on the fence surrounding the Dartmouth Cenotaph on Monday.
A Vancouver man is saying goodbye to his nine-to-five and embarking on a road trip from the Canadian Arctic to Antarctica.
Today Canadians will remember and honour the sacrifice of men and women in uniform who gave their lives in service of the country's values and principles.
Thousands of people are expected to gather in downtown Vancouver on Monday to observe the city鈥檚 100th Remembrance Day ceremony.
Weather watchers were treated to an exceptionally rare display on Friday evening as rare cloud formations filled Vancouver skies.
Toronto is expected to see an economic boost to the tune of nearly $300 million thanks to Taylor Swift鈥檚 upcoming Eras Tour, which will be making a stop in Canada鈥檚 largest city for a six-show run later this month.
Today Canadians will remember and honour the sacrifice of men and women in uniform who gave their lives in service of the country's values and principles.
One man was transported to hospital early Monday morning after a stabbing in the northwest end of the city, Toronto police say.
Calgarians will be observing Remembrance Day at a number of different ceremonies across the city, including at the Hangar Flight Museum.
A home in the northeast Calgary community of Saddle Ridge was damaged in a fire on Sunday.
Conditions were warm early Monday and expected to remain that way for most of the day.
Today Canadians will remember and honour the sacrifice of men and women in uniform who gave their lives in service of the country's values and principles.
CTVNewsOttawa.ca looks at Remembrance Day ceremonies in Ottawa.
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Montreal Metro passengers can now flag a safety concern by texting a new phone number launched by the STM.
The employers association at the Port of Montreal locked out nearly 1,200 longshore workers, bringing a halt to traffic at the port.
Monday is Remembrance Day, a time to honour armed forces members who have died in the line of duty.
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Today Canadians will remember and honour the sacrifice of men and women in uniform who gave their lives in service of the country's values and principles.
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Thousand of people gathered at the Menin Gate in the Ypres, Belgium for Monday鈥檚 Remembrance Day Ceremony.
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A pillar in Canada鈥檚 history was honoured in Winnipeg Sunday afternoon, with thousands showing up to pay tribute to the life and legacy of the late Murray Sinclair.
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It was a somber day at Mosaic Stadium as members of the Saskatchewan Roughriders officially cleaned out their stalls and closed the book on the 2024 season.
A team of tornado experts is heading to Fergus, Ont. after a storm ripped through the area Sunday night.
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It was a somber day at Mosaic Stadium as members of the Saskatchewan Roughriders officially cleaned out their stalls and closed the book on the 2024 season.
The Regina Rams claimed the Hardy Cup after a hard fought battle against the Saskatoon Huskies 19-14 on Saturday in the first all Saskatchewan U-Sports western conference final since 2002.
Toy giant Mattel says it 'deeply' regrets an error on the packaging of its 'Wicked' movie-themed dolls, which mistakenly links toy buyers to a pornographic website.
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Donald Trump has said he wouldn't be a dictator 鈥 'except for Day 1.' According to his own statements, he's got a lot to do on that first day in the White House.
The events will start at 10:15 a.m. with a parade that forms up in front of the Delta London Armories, marches east on Dundas Street and turns north onto Waterloo Street to Dufferin Avenue, the west to the Cenotaph.
Emergency crews responded to the scene on Road 68/Highway 2 east of Thamesford around 7 p.m.
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A Barrie man is at the centre of an alleged $2.2 million stolen used car scheme.
Environment Canada issued a weather alert for Barrie, Collingwood and surrounding areas, alerting residents about the wicked winds that are expected to pick up to 80 kilometres per hour in the afternoon hours.
Barrie residents gathered on Monday to honour Canada鈥檚 veterans and pay tribute to those who served and sacrificed for the country.
Representatives of the Windsor Veterans Memorial Services Committee, military representatives, wreath bearers, government officials, and members of the public will attend the Cenotaph at City Hall Square for the outdoor service.
One person has been arrested after Chatham-Kent Police Service (CKPS) received multiple complaints about an alleged drunk driver.
More details have been released about a police investigation at the Ambassador Bridge that connects Windsor, Ont. and Detroit, MI.
Environment Canada says heavy rain and winds could cause power outages on Vancouver Island as an "intense" storm system is set to hit the B.C. coast Sunday.
Six deer were struck by vehicles in six different locations in a six-hour period on B.C. highways on Saturday, according to the transportation ministry.
The union for locked-out port workers in British Columbia says the BC Maritime Employers Association cut off talks in less than an hour Saturday, refusing to budge on a final offer that the union has so far rejected.
The emergency department at South Okanagan General Hospital in Oliver, B.C., will be closed for 31 hours this weekend, the second such closure in a week and the third since the start of November.
Police in Kamloops, B.C., are reminding parents and guardians to check their children's Halloween candy after receiving a report of a mother finding a razor blade in one of her daughter's treats.
More than two years after Alannah Brown and Douglas Barker were found dead north of Penticton, police are asking for help identifying a vehicle they believe was associated with the crime.
The Southern Alberta Recreation Association is officially announcing the Town of Taber as next year鈥檚 host for the Southern Alberta Summer Games.
The Lethbridge Hurricanes broke open a close game with three goals in the first two minutes of the third period as they defeated the Warriors 7-3 in a game played Friday night in Moose Jaw.
There might not a lot snow just yet, but many southern Albertans are still itching to get outdoors.
It was just days before the COVID-19 pandemic shut the world down when the Shaft Bottom Boys of Sudbury broke a world record for 'Deepest Concert Underground.' Now, more than four years later, a Timmins band is looking to take the title.
Police have arrested a 15-year-old in connection with a break-in and $50,000 in damage done to the Centennial Arena in Elliot Lake in September.
Mayors of the five largest cities in northern Ontario met in North Bay the last two days to discuss a range of critical issues impacting their cities and the region.
Police in Newfoundland say a man was electrocuted Saturday by a downed power wire about 10 kilometres north of St. John's, N.L.
On Thursday morning, Dave Penny officially ended a suggested hundred-day isolation period that followed his diagnosis and stem cell treatment for non-Hodgkin's Lymphoma. On Thursday night, Penny returned to a stage at a downtown St. John's bar, regaling a small crowd with songs and stories with a distinctive Newfoundland flair.
A Memorial University scientist says the mysterious white blobs washing up on Newfoundland beaches are actually gobs of plastic -- and they need to be cleaned up.
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