A coalition of Tesla Inc. shareholders is urging other investors to reject a $56 billion pay package for Chief Executive Officer Elon Musk at the company’s June 13 annual meeting, posing a threat to one of the world’s largest fortunes.

Amalgamated Bank, SOC Investment Group and six other signatories that hold a small portion of Tesla stock said Musk is distracted by his commitments to the five other companies he controls and isn’t serving the electric-vehicle maker’s best interests. The group also urged shareholders to vote against the reelection of directors Kimbal Musk — Elon Musk’s brother — and James Murdoch.

Tesla is suffering from a material governance failure which requires our urgent attention and action,” the group wrote in an letter on Monday.

Musk’s pay package, which was originally approved by shareholders in 2018, granted the CEO equity awards as Tesla’s market capitalisation increased and it reached certain operational targets. Musk met all of the conditions, but in late January, a Delaware judge voided the compensation agreement over concerns it wasn’t in the best interest of shareholders.