G. M. Shareholders Reject Bid to Restructure Stock -<br />By BILL VLASICJUNE 6, 2017<br />DETROIT — Shareholders of General Motors rejected proposals on Tuesday by a dissident investor<br />to replace three company directors and split the automaker’s stock into two classes.<br />G. M.’s chief executive, Mary T. Barra, and its board opposed the moves, which included creating<br />two classes of stock — one paying a dividend and a second tracking earnings growth.<br />But his proposals lost by substantial margins, even although G. M.’s stock price<br />has barely increased in value since its post-bankruptcy stock offering in 2010.<br />Ms. Barra acknowledged the frustration of investors,<br />but she said the company would continue to take “decisive actions” to unlock value for shareholders.<br />“We determined the Greenlight proposal was not in the best interests of our shareholders,” Ms. Barra said at the company’s annual meeting in Detroit.<br />Instead, shareholders showed broad support for the strategic direction of the company under Ms. Barra, who became chief executive three years ago.
