Tesla’s investors will vote on $56m pay deal this week, with Norges Bank’s fund already declaring its opposition.

Commentators point out that efforts to bring the code up to date lack sufficient focus on stakeholders and sustainability.

Heavyweight investor’s support boosts Securities and Exchange Commission’s controversial proposed US rules on board ESG disclosures.

Solutions to market failures usually involve government action. But on the issue of CEO earnings, investors are taking the tiger by its tail.

The Norwegian sovereign wealth fund cites greater transparency as the motive for the policy change, after an earlier pledge to publish voting rationales.

Shareholder proposals should not be used for “micromanaging” boards or drawing them away from their main responsibilities, the investment manager said.

Norges Bank Investment Management says a division of responsibilities means remuneration committees should not be overseeing company-wide pay.

Norges Bank, advisers to the Norwegian government, has proposed selling oil and gas assets estimated to be worth $37bn.