Norway's sovereign wealth fund, the world's largest, has announced it would vote against ratifying Tesla chief executive Elon Musk's proposed compensation package that is potentially worth $US1 trillion ($1.54 trillion) at an annual general meeting later this week.

Investors in the electric-vehicle maker will decide on November 6 whether to approve the package, likely the largest-ever chief executive compensation agreement.

Critics have called the pay deal excessive but face an uphill fight against it.

Tesla's board is pushing for shareholders to approve the plan, with Chair Robyn Denholm warning that Mr Musk could leave the $1.5 trillion market cap firm if the deal is rejected.

Opponents worry that it will give the world's richest man too much unchecked power.

Mr Musk's new trillion-

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