One of the world’s most prominent proxy advisors has cautioned Tesla investors to reject its latest proposal granting CEO Elon Musk a $2.6 billion award.

In a Feb. 28 report by Glass Lewis & Co to clients, acquired by Bloomberg, the firm rejects the automaker’s latest proposal to award an additional 12 percent of Tesla’s shares, citing cost, dilution, and imbalanced ownership, If the proposal passes through, it would raise Musk’s ownership percentage of the company.

Many in the industry have speculated Musk’s full devotion to Tesla, citing the stock award as unnecessary for a billionaire CEO to remain committed. Currently, Musk also serves as CEO of Space X with stakes in tunnel digging startup The Boring Company and Nurealink Corp. among other advisory positions.

When reached, Tesla declined to provide a statement regarding Glass Lewis & Co’s comments, although Musk briefly reassured investors regarding his tenure in a Feb. analyst call.

“I expect to remain CEO for the foreseeable future,” said Musk at the time. “There are no plans to make a change at this time.”

In late Jan. 2018, Tesla also announced a new 10-year compensation plan, aimed at providing Musk performance awards in exchange for meeting market cap goals over the period. These milestones include $59 billion increases, to be reached in each of 12 dates of the company’s choosing, with no guaranteed compensation (salary, cash bonuses, and equity) received if goals are not met. As of this writing, Musk owns roughly 22 percent of all Tesla shares with a $56,000 annual salary.

San Francisco, Calif.-based Glass Lewis & Co. is an independent proxy advisory firm, helping more than 1,200 institutional investors research investment opportunities using research reports, proxy voting services, class action settlement recovery, and other services. It also previously rejected Tesla’s acquisition of Solar City, calling it a “veiled bail-out” before investors ultimately approved the merger.