Earlier this week, General Motors announced the preliminary results of its 2013 annual stockholders meeting. The preliminary voting represented 87.4 percent of eligible votes, with the outcomes as follows:
Item 1 consisted of the election of directors, with the Director nominees including:
Each director received at least 94.0 percent of the votes cast, except for David Bonderman who received 75.0%.
Item 2 consisted of ratifying the selection of Deloitte & Touche LLP as the independent registered public accounting firm for 2013.
| % For | % Against | % Abstain |
|---|---|---|
| 98.5 | 1.2 | 0.3 |
Item 3 surrounded the advisory proposal to approve executive compensation.
| % For | % Against | % Abstain |
|---|---|---|
| 98.2 | 1.3 | 0.5 |
Item 4 surrounded a stockholder proposal to appoint an independent board chairman.
| % For | % Against | % Abstain |
|---|---|---|
| 35.5 | 63.2 | 1.3 |
Item 5 surrounded a stockholder proposal regarding executive stock retention.
| % For | % Against | % Abstain |
|---|---|---|
| 19.0 | 80.0 | 1.0 |
As before, General Motors points out that these are only preliminary voting results, and that the final voting results will be filed on Form 8-K with the U.S. Securities and Exchange Commission and posted to www.gm.com within four business days of May 6th, 2013.
This example is a former NCRS award winner.
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Filings made in 24 countries, so far.
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Akerson as CEO and chairman is reason enough for me to not invest in their stock. How many GM shareholders can be okay with the arrangement--especially with HIM at the helm--baffles me.
As others have recently pointed out elsewhere, GM has not regained market share in the US post bankruptcy, more than one all-new model has sold far below sales expectations, marketing has gone from bad to worse, Europe remains a mess, and his fall back through it all has remained: blame the government. It's time to take off the rose colored glasses.
Market share does not always equal profit. The days of $10,000 rebates just to get sales numbers are gone. GM had way too many years of major $ losses with their higher market share before the bankruptcy - the more cars they sold, the more money they lost. Build an improved car (example: Cruze vs Cobalt) and people will be willing to pay more.
Precisely. Market share for the sake of market share is a GM 1.0 business strategy. GM 2.0 is all about better cars, better customer experience and interactions, and higher profit:
http://gmauthority.com/blog/2013/01/gm-is-focused-on-profitable-growth-not-pointless-market-share-chasing/
Here's my question to Clifford: in what way can Akerson or any other chairman (executive or non-executive) improve the automaker's performance that hasn't been done or isn't in progress of being done already?
Can't stop laughing. Guess Clifford doesn't like to make money. I have been buying since the IPO. Averaged myself down as the stock declined, now reaping the benefits. At $40, I could liquidate and pay off my house
It's not worth it. Peace.