Musk’s trillion-dollar Tesla pay package opposed by California Public Employees’ Retirement System.

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The California Public Employees' Retirement System (Calpers, the largest public pension fund in the U.S.) is planning to vote against Elon Musk's $1 trillion Tesla compensation package, creating an obstacle for Tesla’s plan to award one of the most generous corporate compensation packages ever.

Data shows Calpers holds about 5 million shares of Tesla stock. Drew Hambly, Calpers’ Global Equity Director, stated in an email:

The proposed CEO compensation plan by Tesla is many orders of magnitude larger than CEO compensation plans at its peers. The pension fund typically assesses proposed compensation based on performance and industry standards. This would further consolidate power in a single shareholder.

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