Wednesday, June 07, 2006

In Switch, G.M. Shareholders Ask Board for Stronger Say in Elections

WILMINGTON, Del., June 6 — Shareholders of the troubled General Motors approved two proposals on Tuesday aimed at giving them more influence over the way directors are elected, the first time they have defied G.M.'s recommendations. Rick Wagoner, G.M.'s chief executive and chairman, told investors Tuesday that the company's turnaround plan was gaining momentum. For G.M., which faces an array of competitive and cost issues, the votes, which were nonbinding, were another reflection of the company's diminished fortunes and the dissatisfaction among many investors with its leadership.

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