Europe’s largest pension fund, Stichting Pensioenfonds ABP, has made a significant decision regarding its investment portfolio. The fund has completely divested its $585 million investment in Tesla, driven by concerns over Elon Musk’s controversial remuneration package.

This decision, made in the third quarter of 2024, was influenced by several factors:

• The disapproval of Musk’s record-breaking pay, which has faced legal scrutiny despite receiving shareholder approval.
• A spokesperson for ABP described the salary package as controversial and extraordinarily high, emphasizing its significance.
• Poor working conditions at Tesla also played a role in the fund’s decision.

ABP, which manages assets totaling €533 billion, has a history of prioritizing responsible investment practices. The fund had previously opposed Musk’s pay package in June, demonstrating its commitment to ethical considerations alongside cost and returns in its investment strategy.

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