AutoInformed

Stockholders overwhelming endorsed the strategy of management and their performance at the General Motors 2024 annual meetings of shareholders this week. Mary Barra, Chair and CEO firmly, but politely explained the operating philosophy in the face of opposition to addressing climate change with electric vehicles at the center of the product lineup and ongoing moves to increase profitability. About 960 million GM shares constituting 84% of GM’s outstanding common stock were represented at the meeting in-person or by proxy before online voting commenced. Moreover, each of the Board nominees joined the meeting. Also attending were members of GM’s senior leadership team, representatives of GM’s  independent auditor, Ernst & Young, LLP, and Peter Descovich of Broadridge Financial Solutions who served as the Inspector of Elections.

The first item of business was  the election of 12 directors Each year the shareholders elect directors to serve for the coming year until their successors are elected.* The vote tally was based on the preliminary report provided by the Inspector of Elections, for the first item of business, the election of directors, all of the company’s director nominees were elected. Directors received on average a favorable vote of 97% of the votes cast (it will be official with exact numbers when an SEC filing is made on 15 April.) More importantly in AutoInformed’s opinion is that all dissident shareholder proposals following that the Board recommended a vote against were soundly defeated. Continue reading →