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
About Ken Zino
Ken Zino, editor and publisher of AutoInformed, is a versatile auto industry participant with global experience spanning decades in print and broadcast journalism, as well as social media. He has automobile testing, marketing, public relations and communications experience. He is past president of The International Motor Press Assn, the Detroit Press Club, founding member and first President of the Automotive Press Assn. He is a member of APA, IMPA and the Midwest Automotive Press Assn.
He also brings an historical perspective while citing their contemporary relevance of the work of legendary auto writers such as Ken Purdy, Jim Dunne or Jerry Flint, or writers such as Red Smith, Mark Twain, Thomas Jefferson – all to bring perspective to a chaotic automotive universe.
Above all, decades after he first drove a car, Zino still revels in the sound of the exhaust as the throttle is blipped during a downshift and the driver’s rush that occurs when the entry, apex and exit points of a turn are smoothly and swiftly crossed. It’s the beginning of a perfect lap.
AutoInformed has an editorial philosophy that loves transportation machines of all kinds while promoting critical thinking about the future use of cars and trucks.
Zino builds AutoInformed from his background in automotive journalism starting at Hearst Publishing in New York City on Motor and MotorTech Magazines and car testing where he reviewed hundreds of vehicles in his decade-long stint as the Detroit Bureau Chief of Road & Track magazine. Zino has also worked in Europe, and Asia – now the largest automotive market in the world with China at its center.
