Norway’s sovereign wealth fund, one of Tesla’s largest outside investors, plans to vote against a proposed $1 trillion pay deal for CEO Elon Musk. Musk’s pay package is likely to be approved, but criticism from investors adds uncertainty to the outcome. European investors may turn against Tesla due to governance concerns.

Tesla’s board is urging shareholders to approve the plan, warning that Musk could leave the company if the deal is rejected. Top investors are expected to support Musk, but uncertainty remains about opposition. Large U.S. investors are under pressure to apply less public pressure on companies, making the outcome less predictable.

After Norway’s sovereign wealth fund, Schwab Asset Management is the next-largest investor to support Musk’s pay package. Other investors, like Baron Capital, back the proposal as well. Proxy advisers ISS and Glass Lewis urge shareholders to reject Musk’s compensation plan, citing concerns about size and potential dilution of other investors’ holdings.

Tesla’s sales in Norway declined by 50% in October, along with other European markets, due to rising competition and backlash against Musk’s political alliance with former President Donald Trump. Norway’s sovereign wealth fund plans to vote against two of three Tesla directors up for reelection, citing concerns about compensation and governance. They also oppose Tesla’s proposed general stock compensation plan.

Read more at Yahoo Finance: Norwegian opposition complicates Musk’s path to $1 trillion pay deal