The oil fund, which owns about one percent of the shares in Tesla, notes that Elon Musk – already the world's richest man – creates great value with his visions. But the size of the bonus raises questions, the fund writes in a statement ahead of Thursday's Tesla meeting, where the owners are to decide on the bonus proposal.
The Oil Fund voted against a similar bonus package for Musk last year as well.
"We will continue to try to have a constructive dialogue with Tesla on this and other issues," the oil fund writes in its statement, according to Norwegian media.
The outcome of the proposed bonus program for Musk will ultimately be determined by how Tesla's market value develops.
Ahead of the meeting, advisors such as Institutional Shareholder Services and Glass Lewis have also recommended their clients to vote no to the bonus package, according to Bloomberg.
54-year-old Elon Musk already tops the Bloomberg Billionaires Index with an estimated net worth of $477 billion – well ahead of number two: Oracle founder Larry Ellison at $319 billion.
