General Motors Corp. shareholders adopted proposals calling for a majority vote to elect directors and allowing cumulative voting for directors, said Toni Simonetti, spokeswoman for the Detroit-based company, who provided preliminary tallies from today's annual meeting.
"The board will take (the two shareholder proposals) under advisement and will be considering them at subsequent meetings," she said.
Four other shareholder proposals were defeated. One called for a report on global warming and cooling; one called for the company to recoup executive incentive bonus subsequently found to be unearned because of financial restatements; one would have prohibited awarding any future stock option or repricing or renewing of existing stock options; and the final proposal called for separation of the roles of chairman and CEO.
All directors also were elected with at least 96.6% of the votes each.
The $209 billion California Public Employees' Retirement System, Sacramento, and Institutional Shareholder Services supported all the directors. CalPERS supported five of the shareholder proposals, opposing the prohibition on stock options. ISS supported four of the shareholder proposals, opposing the prohibition on stock options and the report on global warming and cooling.