In a significant move, Norway’s sovereign wealth fund, a major stakeholder in Tesla, announced on Tuesday its intention to oppose a proposed compensation plan that could potentially award CEO Elon Musk up to $1 trillion over the next ten years.

With more than a dozen proposals set for vote during Tesla’s annual meeting on Thursday, none have stirred as much debate as Musk’s ambitious pay plan.

Norges Bank Investment Management, which oversees the Government Pension Fund Global, expressed its reservations, stating, “While we acknowledge the substantial value generated under Mr. Musk’s visionary leadership, we have concerns regarding the sheer size of the award, potential dilution, and the absence of safeguards against key person risk, which align with our perspectives on executive compensation.” The fund emphasized its commitment to maintaining “constructive dialogue with Tesla on this and other issues.”

The Norwegian fund holds a 1.16% stake in Tesla, ranking it as the sixth largest institutional investor in the company.

Contrastingly, Baron Capital Management, which owns approximately 0.4% of Tesla’s shares, declared on Monday its support for Musk’s compensation package.

“Elon is the ultimate “key man” of key man risk. Without his relentless drive and uncompromising standards, there would be no Tesla,” wrote founder Ron Baron. “He has built one of the most important companies in the world. He’s redefining transportation, energy and humanoid robotics and creating lasting value for shareholders while doing it. His interests are completely aligned with investors.”

Musk is the company’s largest investor, holding 15.79% of all outstanding shares.

Tesla management has proposed a compensation arrangement that would hand Musk shares worth as much as 12% of the company in a dozen separate packages if the company meets ambitious performance targets, including massive increases in car production, share price and operating profit.