Wednesday, June 6, 2007
General Motors CEO Rick Wagoner listened to shareholders' criticism for over two hours at the annual shareholders' meeting, but at the end of the day all the management nominees for the board were easily elected over the dissident slate. Two management proposals on executive compensation passed, and all ten shareholders' proposals were defeated. A proposal that would allow 10% of votes to call a special shareholders' meeting received the most votes at 41%; a proposal calling for cumulative voting received 26%, down from last year's 56%. See NYTimes, G.M. Chief Tells Shareholders to Take Long View; WSJ, GM Chief Cites Progress.