Today's the day when RIck n' the boys truck down to Delaware for the annual shareholder meeting — and it sounds like there is all sorts of fun lined up this morning at 9 AM. The best part? It'll be broadcast live on the interwebs! This will give everyone the chance to view sausage being made close up in the never-before-seen-by-non-GM-shareholders meeting. Especially because the always influential proxy advisory firm, Institutional Shareholder Services (ISS), is throwing it's weight behind four proposals to be presented to shareholders. Which is great, and sure to kick up the fun a bit — if you're one of the old stodgy investor types. But — if you want to get the real inside scoop, here's the four proposals ISS recommends — and then our take:
• ISS: Split Rick's job into two seperate positions: Chairman and CEO.
• Our Take: Mixed — does this mean they split his pay in half? And does he get to choose which job he gets? If they end up putting the other one up on Monster, we're totally gonna apply for the one he doesn't want.
• ISS: Recoup executive bonuses awarded when results require restatement.
•Our Take: Good call — but won't that just encourage good financial accounting practices? Doesn't that go against everything GM's stood for?
• ISS: Establish cumulative voting for board seats.
• Our Take: Ooh — we don't know...look how well it's worked for us over the years. We got Slick Willy and Dubya. We may have to take a pass at this one — plus, everyone knows dictatorships are totally the new democracies.
• ISS: Require a majority vote to elect directors.
• Our Take: Umm — sorry, we weren't listening — wethinks our ADD may have kicked in. So, umm — sure, yeah — works for us.
So have fun listening with us live — and then hop back over here and drop your comments — let's hear what you have to say!
More on GM [internal]