The shareholders of General Motors Co. (NYSE: GM) have elected all 11 of GM’s Board nominees with preliminary results also showing that the shareholders have rejected Greenlight’s proposal to create a dual-class common stock structure.
“On behalf of our Board and management, we appreciate the significant support of our shareholders as we continue to transform GM and increase the value of their investment,” said a clearly pleased and victorious Mary T. Barra, GM Chairman and Chief Executive Officer.
“We have strengthened our foundation and increased our flexibility which will allow us to take further action to maximize returns and enhance long-term value for our shareholders,” said Barra.
Based on the preliminary results, all of the GM Board’s director nominees were elected with between 84% and 99% of the votes cast and Greenlight’s dual-class common stock proposal was defeated with more than 91% of the votes cast against the proposal, or 96% excluding Greenlight’s shares.
GM’s proposals to approve named executive officer compensation, to approve the GM 2017 short-term incentive plan, to approve the GM 2017 long-term incentive plan and to ratify the selection of Deloitte & Touche as GM’s independent registered public accounting firm were all approved and a shareholder proposal to request an independent board chairman was rejected.
Final voting results will be filed with the U.S. Securities and Exchange Commission on Form 8-K and posted to www.gm.com once they are certified by the independent inspector of elections.
Autoinformed.com, ken zino, gm 2017 annual meeting, wall street predators, greenlight
