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GM shareholders reject proposal to split stock in 2

GM shareholders reject proposal to split stock in 2

General Motors (GM) was vindicated when more than 91% of shareholders voted against Greenlight Capital's dual-class common stock proposal this morning.

According to preliminary voting results from GM's AGM today, the vehicle giant's board nominees were elected "with between 84 and 99 per cent of the votes cast", while the dual-class stock proposal was defeated with "more than 91 per cent of votes cast against the proposal, or 96 per cent excluding Greenlight's shares".

Greenlight Capital's three nominees for the company's board also failed to garner enough votes. Warren Buffett's Berkshire Hathaway, which holds a 3.3% stake in GM, remained silent on the proposal.

In comments before the shareholder meeting, GM CEO Mary Barra acknowledged Greenlight's point on its stock price, stated "we do believe GM stock is underestimated", but restated the company's opposition to the hedge fund's proposition.

"We are disappointed that shareholders have elected to maintain the status quo", Einhorn said in a statement on Tuesday.

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GM's board nominees were elected with between 84 percent and 99 percent of the vote, the company said. On Tuesday, shares were trading just $1 above the IPO price of $33.

Einhorn contended that splitting the stock into one class of shares entitled to the company's dividend in perpetuity and a separate class entitled to any additional profit generated by growth would attract more investors. A shareholder proposal to request an independent board chairman was rejected. Mr. Akerson left GM's CEO job in January 2014 after three years, leaving Ms. Barra to deal with an ignition-switch safety recall that presented a management crisis and cost billions of dollars to resolve, denting the auto maker's reputation. "We congratulate GM's management on their win today".

Barra suggests GM has no intention of spinning off its growing mobility unit, another idea investors and industry analysts have proposed as a way to unlock value and provide a clearer view of the automaker's future financial performance. The activist investment manager, which has around $9.2 billion in AUM, has experienced only two down years - in 2008 amid the financial crisis, and 2015.

General Motors shareholders on Tuesday overwhelmingly rejected a proposal to divide company shares into two distinct classes with different objectives, the company announced. In May, it said it would no longer sell cars in India, a market expected to grow significantly in coming years.

Barra also confirms GM's plan to push forward with fuel-efficiency and carbon-dioxide emissions despite President Donald Trump's decision to exit the Paris climate accord.

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