General Motors has just wrapped up its 2014 Annual Stockholders Meeting. Owners of GM stock voted on a new board of directors and the election of Deloitte & Touche as the automaker’s accounting firm for 2014 among 6 other proposals. The preliminary voting results represent about 82.3 percent of all eligible votes. The outcomes of voting are below.
1. Election Of Directors
Item 1 on the Stockholders meeting agenda was the election of directors. The director nominees include:
- Joseph F. Ashton
- Mary T. Barra
- Erroll B. Davis Jr.
- Stephen J. Girsky
- E. Neville Isdell
- Kathryn V. Marinello
- Admiral Michael G. Mullen
- James J. Mulva
- Patricia F. Russo
- Thomas M. Schoewe
- Theodore M. Solso
- Carol M. Stephenson
Each director received at least 87.2 percent of the votes cast. Nine members of the board, including Theodore Solso, Kathryn. V Marinello and James J. Mulva are returning members from last year’s board.
2. Selection Of The Public Accounting Firm
Item 2 involved ratifying the selection of Deloitte & Touche LLP as the independent registered public accounting firm for 2014. Deloitte & Touche was also the public accounting firm for GM in 2013.
| % For | % Against | % Abstain |
|---|---|---|
| 98.6 | 1.0 | 0.4 |
3. Advisory Vote To Approve Executive Compensation
Item 3 on the agenda consisted of voting to approve executive compensation.
| % For | % Against | % Abstain |
|---|---|---|
| 96.5 | 3.2 | 0.3 |
4. Vote To Approve Frequency Of Stockholder Vote On Executive Compensation
Item 4 saw the advisory vote to approve the frequency of a stockholder advisory vote on compensation for GM executives.
| % 1 Year | % 2 Years | % 3 Years | Abstain |
|---|---|---|---|
| 82.8 | 0.4 | 16.5 | 0.3 |
5. Approval Of General Motors 2014 Short-Term Incentive Plan
Item 5 involved voting on General Motors’ short-term incentive plan for 2014.
| % For | % Against | % Abstain |
|---|---|---|
| 95.6 | 4.1 | 0.3 |
6. Approval of General Motors 2014 Long-Term Incentive Plan
Item 6 involved voting on General Motors’ long-term incentive plan for 2014.
| % For | % Against | % Abstain |
|---|---|---|
| 95.1 | 4.6 | 0.3 |
7.Stockholder Proposal Regarding Cumulative Voting
Item 7 saw stockholders vote on the proposal regarding cumulative voting.
| % For | % Against | % Abstain |
|---|---|---|
| 35.8 | 63.9 | 0.3 |
8. Stockholder Proposal Regarding Independent Board Chairman
The final item on the agenda saw stockholders vote on the proposal regarding an independent board chairman.
| % For | % Against | % Abstain |
|---|---|---|
| 38.5 | 61.4 | 0.1 |
GM notes these are preliminary voting results. The final results will be filed with the U.S. Securities and Exchange Commission and posted to the automaker’s website within four business days.
No Comments yet