GM Shareholders Snub Corporate Governance Proposals

June 5, 2007 ( - 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.

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.