Europe’s largest pension fund sold its entire €571 million ($585 million) stake in Tesla Inc. in the third quarter partly due to disagreement with Elon Musk’s remuneration package.
“We had a problem” with Musk’s pay package, a spokesperson for Stichting Pensioenfonds ABP said Sunday. 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.”