Europe’s largest pension fund sells entire stake in Tesla over Musk’s pay

Europe’s largest pension fund, Stichting Pensioenfonds ABP, sold its entire €571 million ($585 million) stake in Tesla Inc. (TSLA) during the third quarter, citing disagreements with Elon Musk's remuneration package as one of the key reasons for the decision.

“We had a problem” with Musk’s pay package, a spokesperson for Stichting Pensioenfonds ABP said Sunday, News.Az reports, citing Bloomberg.

The fund also considered costs, return and responsible investment requirements in its decision to sell its investment.

The news was first reported by Dutch newspaper Het Financieele Dagblad, which also cited poor working conditions at the company among ABP’s reasons to ditch Tesla.

Last month, Musk’s record-setting Tesla pay package was struck down once again by a Delaware judge even after shareholders backed the amounts and Musk asked her to reconsider. The stock options package was initially worth $2.6 billion and spiked to $56 billion by the time the judge canceled it.

In June, ABP voted against the pay package, calling it “controversial and exceptionally high.”

News.Az