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Elon Musk’s $1tn Tesla pay deal to be rejected by huge Norway wealth fund

1 day ago
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Norway’s sovereign wealth fund has said it will vote against a $1tn (£765bn) pay package for the Tesla chief executive, Elon Musk,The fund, which is the biggest national wealth fund in the world, said that while it appreciated the “the significant value created under Mr Musk’s visionary role” it would vote against his performance award,“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,” it said,“We will continue to seek constructive dialogue with Tesla on this and other topics,”The warning from Norges Bank, which is the seventh biggest single shareholder in Tesla with a stake worth $17bn, comes two days before the carmaker hosts its annual shareholder meeting.

On Thursday, investors will vote on proposals for an unprecedented incentive package that could make Elon Musk the world’s first trillionaire.If Musk increases the value of Tesla from about $1tn to $8.5tn over the next 10 years, Musk will receive new shares that would push his stake in the company from nearly 16% to more than 25%.This would increase the fortunes of the world’s richest man to more than $2tn.The Tesla chair, Robyn Denholm, has argued the vote is essential to retain the 54-year-old Musk as chief executive of the company, writing in a letter to shareholders that the company risks losing “significant value” if he were to leave.

Last year, the Norwegian oil fund voted against what was then the biggest pay package in US corporate history of $56bn for Musk.The deal was approved by shareholders in June but was rejected for a second time by a court in Delaware in December.Nicolai Tangen, the chief executive of the Norwegian fund, invited Musk and other chief executives to dinner in Oslo last year.However, Musk turned down the invite after the fund voted against the $56bn pay deal.A text exchange between Tangen and Musk was revealed in a freedom of information request by the Norwegian business publication DN.

It reported that Musk wrote to Tangen in October last year: “When I ask you for a favour which I very rarely do, and you decline, then you should not ask me for one until you’ve done something above nothing to make amends,Friends are as friends do,”Shareholders are divided on the new deal, although two influential shareholder advisory groups – Glass Lewis and ISS – have both recommended that investors reject the $1tn package,Some big pension funds have also opposed the pay package, including the American Federation of Teachers and the California Public Employees’ Retirement System, the largest public scheme in the US,Musk, who is Tesla’s biggest single shareholder, can also vote on the proposal.

Sign up to Business TodayGet set for the working day – we'll point you to all the business news and analysis you need every morningafter newsletter promotionLast month, the Tesla boss said on X, the social media website he bought in 2022: “Tesla is worth more than all other automotive companies combined.Which of those CEOs would you like to run Tesla? It won’t be me.”Tesla has been trying to find ways to keep Musk as chief executive as it grapples with falling sales – global vehicle deliveries fell 13% in the first half of the year.That was partly due to the disruption from the redesign of its popular Model Y car.The carmaker reported a 7% rise in its most recent quarter, as many US consumers rushed to buy electric cars before a $7,500 government purchase incentive ended in September.

However, now these tax credits have expired, and the company faces a potential slowdown in its home market,Tesla sales have also been falling across much of Europe: new car registrations dropped 89% in Sweden, 86% in Denmark, 50% in Norway and 48% in the Netherlands in October, according to local industry data,France was an outlier, where the company made a small gain in sales for the second month in a row,Meanwhile, data from the Chinese Passenger Car Association released on Tuesday, showed that shipments from its Shanghai factory continued to decline, with 61,497 units shipped in October, down about 10% compared with last year,Tesla was approached for comment.

The best public interest journalism relies on first-hand accounts from people in the know.If you have something to share on this subject, you can contact us confidentially using the following methods.Secure Messaging in the Guardian appThe Guardian app has a tool to send tips about stories.Messages are end to end encrypted and concealed within the routine activity that every Guardian mobile app performs.This prevents an observer from knowing that you are communicating with us at all, let alone what is being said.

If you don't already have the Guardian app, download it (iOS/Android) and go to the menu,Select ‘Secure Messaging’,SecureDrop, instant messengers, email, telephone and postIf you can safely use the Tor network without being observed or monitored, you can send messages and documents to the Guardian via our SecureDrop platform,Finally, our guide at theguardian,com/tips lists several ways to contact us securely, and discusses the pros and cons of each.

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The many uses of leftover chutney, from breakfast to soups and glazes | Kitchen aide

Every Christmas I’m given chutney, and I still have four barely used jars. What to do with them before the next lot arrive? Christine, OxfordThis sounds like a job for Claire Dinhut, author of The Condiment Book, who also goes by the moniker Condiment Claire. She would approach this meal by meal, starting with breakfast. “It might not seem so obvious,” she says, “but I put Branston pickle on my avocado toast. If you think about it, you often add acidity, which is usually lemon, but chutney is punchy and has that same tang, as well as a bit of texture

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At these places of worship, secular and churchgoing diners place their orders for coffee, curry puffs and za’atar pastries, served with kindnessGet our weekend culture and lifestyle emailOn Sunday mornings, thousands stream through Our Lady of Lebanon Co-Cathedral, a Lebanese Maronite Catholic church in Sydney’s western suburbs. In between back-to-back mass services, worshippers rush to its onsite cafe, Five Loaves.“Sunday is our busiest day,” says Yasmin Salim, who has fronted the counter for eight years. Lines are long and diners’ appetites are large: a single customer might ask for 10 pizzas and 10 pastries flavoured with za’atar, the Middle Eastern herb mix. “It’s like at Maccas, everyone wants their french fries,” says Salim

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These staple north Indian flatbreads come in a variety of forms – thinner, softer versions cooked on a flat tawa are also known as chapatis, while phulkas employ the same dough, but are held over a flame until they puff like a balloon. Either way, they’re great for scooping up meat and vegetables, or for mopping up sauce. Years of practice makes perfect, but this recipe is a good place to start.Prep 25 min Rest 30 min Cook 15 min Makes 8165g atta (chapati) flour, plus extra for dusting (see step 1)¼ tsp fine salt 1 tsp neutral oil Melted ghee or butter, to serve (optional)If you can’t find atta flour, which is a flavourful, very finely milled wholemeal flour that can be found in south Asian specialists and larger supermarkets, food writer Roopa Gulati recommends using a 50:50 mixture of plain flour and wholemeal flour instead. Put the flour and salt in a large bowl, whisk briefly, then make a well in the middle

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Pancakes, cheesecakes, dips, breads, mousses and … ice-cream? 17 mostly delicious ways with cottage cheese

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Franc, Canterbury, Kent: ‘Just great, great cooking’ – restaurant review | Grace Dent on restaurants

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Crispy chicken and pancetta with a nutty apple salad: Thomasina Miers’ Sunday best recipes

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