DETROIT, June 6, 2017 /PRNewswire/ --
- Results Indicate Shareholders Support the Election of All 11
GM Board Directors
- Shareholders Reject Greenlight's Dual-Class Stock
Proposal
General Motors Co. (NYSE: GM) today announced that, based on the
preliminary vote count provided by its proxy solicitor at GM's 2017
Annual Meeting, shareholders have elected all 11 of GM's Board
nominees. The preliminary results also indicate that shareholders
have rejected Greenlight's proposal to create a dual-class common
stock structure.
"On behalf of our Board and management, we appreciate the
significant support of our shareholders as we continue to transform
GM and increase the value of their investment," said Mary T. Barra, Chairman and Chief Executive
Officer. "We value the perspectives of our shareholders and will
continue to actively engage with them – and relevant external
experts -- as we enhance our core business, deploy capital to
higher-return opportunities, and advance our leadership in the
future of personal mobility. We have strengthened our foundation
and increased our flexibility which will allow us to take further
action to maximize returns and enhance long-term value for our
shareholders."
Based on the preliminary results, all of the GM Board's director
nominees were elected with between 84 and 99 percent of the votes
cast and Greenlight's dual-class common stock proposal was defeated
with more than 91 percent of the votes cast against the proposal,
or 96 percent excluding Greenlight's shares.
GM's proposals to approve named executive officer compensation,
to approve the GM 2017 short-term incentive plan, to approve the GM
2017 long-term incentive plan and to ratify the selection of
Deloitte & Touche LLP as GM's independent registered public
accounting firm were all approved and a shareholder proposal to
request an independent board chairman was rejected.
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.
Forward Looking Statements: This document may include
forward-looking statements. These statements are based on current
expectations about possible future events and thus are inherently
uncertain. Our actual results may differ materially from
forward-looking statements due to a variety of factors, including:
(1) our ability to deliver new products, services and experiences
that attract new, and are desired by existing, customers and to
effectively compete in autonomous, ride-sharing and transportation
as a service; (2) sales of full-size pick-up trucks and SUVs, which
may be affected by increases in the price of oil; (3) the
volatility of global sales and operations; (4) aggressive
competition, including the impact of new market entrants; (5)
changes in, or the introduction of novel interpretations of, laws,
regulations or policies particularly those relating to free trade
agreements, tax rates and vehicle safety and any government actions
that may affect the production, licensing, distribution, pricing,
or selling of our products; (6) our joint ventures, which we cannot
operate solely for our benefit and over which we may have limited
control; (7) compliance with laws and regulations applicable to our
industry, including those regarding fuel economy and emissions; (8)
costs and risks associated with litigation and government
investigations; (9) compliance with the terms of the Deferred
Prosecution Agreement; (10) our ability to maintain quality control
over our vehicles and avoid recalls and the cost and effect on our
reputation and products; (11) the ability of suppliers to deliver
parts, systems and components without disruption and on schedule;
(12) our dependence on our manufacturing facilities; (13) our
ability to realize production efficiencies and cost reductions;
(14) our ability to successfully restructure operations in various
countries; (15) our ability to manage risks related to security
breaches and other disruptions to vehicles, information technology
networks and systems; (16) our ability to develop captive financing
capability through GM Financial; (17) significant increases in
pension expense or projected pension contributions; (18)
significant changes in the economic, political, and regulatory
environment, market conditions, and foreign currency exchange
rates; and (19) uncertainties associated with the consummation of
the sale of Opel/Vauxhall to the PSA Group, including satisfaction
of the closing conditions. A further list and description of these
risks, uncertainties and other factors can be found in our Annual
Report on Form 10-K for the fiscal year ended December 31, 2016, and our subsequent filings
with the Securities and Exchange Commission. GM cautions readers
not to place undue reliance on forward-looking statements. GM
undertakes no obligation to update publicly or otherwise revise any
forward-looking statements.
General Motors Co. (NYSE: GM, TSX: GMM) and its partners
produce vehicles in 30 countries, and the company has leadership
positions in the world's largest and fastest-growing automotive
markets. GM, its subsidiaries and joint venture entities sell
vehicles under the Chevrolet, Cadillac, Baojun, Buick, GMC, Holden,
Jiefang, Opel, Vauxhall and Wuling brands. More information on the
company and its subsidiaries, including OnStar, a global leader in
vehicle safety, security and information services, can be found at
http://www.gm.com.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/gm-announces-preliminary-results-of-voting-at-annual-meeting-of-shareholders-300469436.html
SOURCE General Motors