GM Shareholders' Exec Pay Proposals Fail

Edward Niedermeyer
by Edward Niedermeyer
gm shareholders exec pay proposals fail

Our fearless leader was not the only one who finds fault with the fact that GM CEO Rick Wagoner raked-in over $14.4m during a year when his employer lost some $38.7b. Automotive News [sub] reports that shareholders at yesterday's annual meeting attempted to inject a measure of sanity into GM's executive compensation. And failed. A proposal to give shareholders an annual "advisory vote" on executive pay and bennies received only 32 percent approval. Another proposal would have tied 75 percent of future stock options and restricted executive stock awards to GM's share price, market share and credit rating. Nope. That one received only 16 percent approval. A measure giving shareholder cumulative voting passed. Again. The same proposal passed in 2006… This time 'round, CEO Rick Wagoner passed the proposal to the board's corporate governance committee for review. But then, when the board has your back, why should you care about the stockholders? “And since we’re asking rhetorical questions, are there any remaining reasons to hold GM stock?”

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  • Buickman Buickman on Jun 04, 2008 to talk to Board of Bystanders, we'll see... accused Red Ink Rick of economic terrorism, he's done more damage to USA than anyone from the mid-east

  • DearS DearS on Jun 05, 2008

    The question is not how much an Exec is paid, its how much money and what moves are needed to run the business. Who gives a fuck how much an exec makes. If every one was an exec than one can argue. I think people are jealous, and don't even know are in denial about it.

  • Blankfocus Blankfocus on Jun 05, 2008

    i love how the Nun called out GM in the WSJ article. a NUN! awesome.

  • Bunter1 Bunter1 on Jun 05, 2008

    What if Rick is getting the big bucks because he IS getting "the job" done? What if the job is not fixing but finishing GMNA? What if the big financial wheels have determined it is a better deal to go C11 than to recover and have told Waggoner to "sink her and make it look like an accident"? I'm not saying I currently hold this theory but it feels alarmingly plausible. Bunter