GM Chairman Dan Akerson was paid $11.1 million in 2012. The Federal Government has not allowed a change in compensation terms for the top executives from the levels set in 2010 after the bailout.
General Motors today announced it filed a shareholders shelf registration with the Securities and Exchange Commission for GM common stock and warrants. This will allow selling shareholders, such as the Treasurer Department or the UAW VEBA Trust to begin immediately a public offering of stock if market conditions were right under SEC Rule 415.
GM said in a statement that is not currently aware of any specific plans regarding an offering by any selling shareholders. When selling shareholders make an offering during the next three years, the terms would be established at the time of offering and described in a prospectus supplement filed with the SEC. GM will not receive any of the proceeds of sales of common stock or warrants by the selling shareholders in the shelf registration statement.
The U.S. Treasury, courtesy of taxpayers took a stake in GM in 2009 as part of its controversial $50 billion bailout. Treasury is GM’s largest shareholder with 242 million shares, or 16.4%, and has recouped $30.4 billion of its investment in GM April Fool’s day.
Treasury once held 500 million GM shares, but last December, Treasury said it would sell $5.5 billion representing 200 million shares to GM. Treasury said it would sell off the remaining GM shares no later than April 2014.
Other significant GM shareholders include Brock Fiduciary Services at 14%, which is managing the VEBA trust covering health care benefits for UAW workers. The Canadian government owns 9.5%, and Capital Research Global Investors owns 6.7%, according to the latest filings.
