GM shareholders' meeting: Progress, Proton and Healthcare

[1931Chevy]

http://www.autoblog.com/2007/06/06/g...nd-healthcare/
Rick Wagoner had good news to report at GM's shareholder meeting, held yesterday: progress is being made, and the company is on track to shed $2.2 billion in expenses this year. He also said that GM is still in talks with Proton, but that it's "more a possibility for us than a probability." What remain as hot button topics for the year are settling negotiations with the UAW and Delphi to get Delphi out of Chapter 11, and reducing healthcare costs, which amounted to $4.8 billion last year.

Shareholders' proposals, however, didn't fare so well: all ten were voted down. These included setting goals to reduce emissions and improve GM fleet fuel economy, making 75% of an executive's stock options tied to performance, and making an executive repay a bonus if earnings restatements showed they actually hadn't met the claimed benchmark.

[usa1]

Originally Posted by 1931Chevy

and making an executive repay a bonus if earnings restatements showed they actually hadn't met the claimed benchmark.

This one makes a lot of sense. It's a shame to see it not pass. Management should be held accountable for restatements that seem to be increasingly common.

Mark

[mikesright]

Originally Posted by usa1

This one makes a lot of sense. It's a shame to see it not pass. Management should be held accountable for restatements that seem to be increasingly common.

Mark

Actually, the shareholders themselves shot that down, not the board. Quite simply, the people that voted their shares voted down every proposal that was made.

[asim]

The Proton issue being addressed at this meeting is actually pretty weird. That means GM must be having at least informal talks with the company, and talks about purchase of the whole company. Why else would Rick bring it up now?

[Media!]

Why would increasing fuel economy be shot down?

[CobaltSScrazy]

whats the deal with the proton company????

CobaltSScrazy

I'm completely in the dark on that one.

[redimpss5]

Originally Posted by CobaltSScrazy

whats the deal with the proton company????

CobaltSScrazy

I'm completely in the dark on that one.

Same here.

[MadTruckMan]

Originally Posted by mikesright

Actually, the shareholders themselves shot that down, not the board. Quite simply, the people that voted their shares voted down every proposal that was made.

that is true, but look anytime at the financials of GM and you will see its NOT the common sense working man that owns the majority of the stocks. just a thought...

[K-1]

Originally Posted by CobaltSScrazy

whats the deal with the proton company????

CobaltSScrazy

I'm completely in the dark on that one.

One word: Lotus

Okay, more words... a foothold in the Malaysian market and cheap labor for exports to other developing countries.

[K-1]

Originally Posted by MadTruckMan

that is true, but look anytime at the financials of GM and you will see its NOT the common sense working man that owns the majority of the stocks. just a thought...

The "common sense working man" is just that - a working man, not likely to be a major investor.

[01cavalier]

GM could use Proton as a way to get into certain markets, and Lotus would be good too. From what I understand it is not a high priority for GM though Proton may not survive without at least some type of partnership.

[chrisbenz]

After seeeing what VW did with Bentley, GM may whanna try the same thing with Lotus.

[windvale]

And what's with the gas mileage thing ??? How much better can Chevy's gas mileage get ??? I mean, the Aveo pullin down a whopping 23 mpg in the city guys !!! What do these people want ? Cars that get competitve gas mileage with the Yaris and Corolla ???

Boy, it's a good thing these crazy shareholders aren't running things...

[Maetrix66]

I think that they should rebody Lotus' cars and sell them as Pontiac, at least a couple of models (exige, esprit come to mind)

In the words of Ben Stiller-Do it. Do it.

[kenman923]

Originally Posted by Maetrix66

I think that they should rebody Lotus' cars and sell them as Pontiac, at least a couple of models (exige, esprit come to mind)

In the words of Ben Stiller-Do it. Do it.

Actually, I think that Pontiac will be selling rebadged Holdens.