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.
[Source: Auto Industry News]