Administration June 5, 2007

GM Shareholders Snub Corporate Governance Proposals

June 5, 2007 (PLANSPONSOR.com) - Shareholders at General Motors Corp. voted down a proposal on Tuesday that would give them more clout in board elections and one that called for management bonuses to be recouped when financial results are restated, Reuters reported.
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According to the wire service, a proposal allowing investors to multiply the number of shares they own by the number of board candidates and cast that greater number for just one person garnered only about 26% of preliminary votes this year, down substantially from the 50% of votes it received last year.   

The proposal that would have penalized the bonuses of management if financial results were restated downward only received 11% of preliminary votes.

A proposal that would have given shareholders with more than 10% of shares the ability to call special shareholder meetings received the most votes, about 41%, Reuters reported.

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