GM Announces Preliminary Voting Results at Annual Meeting of Shareholders

Rhea-AI Summary

On June 16, 2020, General Motors Co. (NYSE: GM) announced preliminary voting results from its annual shareholder meeting, with 87% of eligible shares voted. Notable outcomes include:

• 99% approval for director nominees
• 96% approval for named executive officer compensation
• 97% approval for annual advisory votes on compensation
• 99% ratification of the independent accounting firm
• 97% approval of the 2020 long-term incentive plan

Shareholder proposals regarding written consent, proxy access amendment, and human rights reporting received significantly lower support, with votes ranging from 21% to 41%. Final results will be filed with the SEC.

Positive

• 99% approval for director nominees indicates strong shareholder confidence.
• 96% approval for executive compensation showcases investor satisfaction.
• High approval for long-term incentive plan aligns management interests with shareholders.

Negative

• Only 41% support for shareholder written consent proposal reflects limited shareholder engagement.
• 21% and 31% approval for proxy access and human rights proposals indicate potential governance concerns.

DETROIT, June 16, 2020 /PRNewswire/ -- General Motors Co. (NYSE: GM) announced today at its annual meeting of shareholders the preliminary results of voting, representing 87 percent of shares eligible to be voted.  

Item 1: Election of directors

Average percentage of votes cast "for" each director nominee

99%

Item 2: Advisory approval of named executive officer compensation

Percentage of votes cast "for" Item 2

96%

Item 3: Advisory approval of the frequency of future advisory votes on named executive officer compensation

Percentage of votes cast for "one year" for Item 3

97%

Item 4: Ratification of the selection of the independent registered public accounting firm for 2020

Percentage of votes cast "for" Item 4

99%

Item 5: Approval of the General Motors Company 2020 long-term incentive plan

Percentage of votes cast "for" Item 5

97%

Item 6: Shareholder proposal regarding shareholder written consent

Percentage of votes cast "for" Item 6

41%

Item 7: Shareholder proposal regarding proxy access amendment: shareholder aggregation limit

Percentage of votes cast "for" Item 7

21%

Item 8: Shareholder proposal regarding report on human rights policy implementation

Percentage of votes cast "for" Item 8

31%

Item 9: Shareholder proposal regarding report on lobbying communications and activities

Percentage of votes cast "for" Item 9

33%

The Board and its committees will consider the results of today's votes when evaluating the company's governance and compensation practices.

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.

General Motors Co. (NYSE:GM) is a global company committed to delivering safer, better and more sustainable ways for people to get around. General Motors, its subsidiaries and its joint venture entities sell vehicles under the Chevrolet, Buick, GMC, Cadillac, Holden, Baojun and Wuling brands. More information on the company and its subsidiaries, including OnStar, a global leader in vehicle safety and security services can be found at http://www.gm.com.

 

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SOURCE General Motors Co.

FAQ

What were the preliminary voting results for General Motors at the annual meeting?

General Motors announced 87% of eligible shares voted, with significant approvals for director nominees and compensation.

What percentage of votes approved GM's executive compensation?

The executive compensation received 96% approval from shareholders.

How did shareholders respond to the shareholder proposal for written consent?

The shareholder proposal regarding written consent received only 41% approval.

What is the significance of the GM 2020 long-term incentive plan approval?

The 2020 long-term incentive plan was approved with 97%, aligning management's goals with shareholder interests.

When will the final voting results for GM be available?

Final voting results will be filed with the SEC and made available on GM's website once certified.