GM Shareholders vote down Say On Pay proposal.While some shareowners blast GM CEO pay

General Motors shareholders(A minority of GM shareholders did the following: ) blasted the company's chief executive for ranking in huge salaries and bonuses while the automaker has struggled financially , but a proposal to give investors a say on executive pay was soundly defeated(by the majority of GM Shareholders) on Tuseday.

Shareholders also defeated a proposal which at least 75 percent of future stock options and restricted stock awards for senior executives would be tied to company's performance.

John Lauve of holly,Mich., who sponsored the proposal on proformance pay , said ''We either need to change this company or have the Japanese come in and run the whole place".

John Lavue's proposal received only 16 percent support in preliminary voting results.

The proposal to give shareholders an annual advisory vote on executive compensation fared better, receiving almost 32 percent support , but fell fall short of passage. The sponsor of the proposal, John Chevedden of Redondo Beach,Calif, said the company successfully blocked an effort to have a similar measure put to a vote at last year's annual meeting.

http://biz.yahoo.com/ap/080603/gm_shareholders.html?.v=20