The manager of Norway's sovereign wealth fund—one of the largest investors in the electric automaker Tesla—said it would vote against the proposed $1 trillion performance-based remuneration package for CEO Elon Musk at the annual general meeting on Thursday.

"While we appreciate the significant value created under Mr. Musk’s visionary role, 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," Norges Bank Investment Management said in an update posted to its website.

"We will continue to seek constructive dialogue with Tesla on this and other topics."

This is a breaking news story. Updates to follow.

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