Norway's sovereign wealth fund aims to shoot down Elon Musk's planned $56 billion compensation package at Tesla's annual shareholder meeting scheduled for Thursday this week, June 13.

The fund, run by Norges Bank Investment Management (NBIM), said on Saturday it "voted against a Tesla proposal to ratify performance-based stock options to Elon Musk, in line with our vote on the same award in 2018."

"While we appreciate the significant value generated under Mr. Musk's leadership since the 2018 grant date, we remain concerned about the overall size of the award, the structure given performance triggers, dilution and lack of mitigation of key person risks," it added in the statement on its homepage. "We will continue the dialogue with Tesla on this and other topics."

This is the latest rejection of Musk's payout following the recommendation last month by shareholder advisors ISS and Glass Lewis to vote against it.