General Motors Co. will hold its annual shareholders meeting in Detroit today for a second consecutive year, but will most likely have more explaining to do than last year about the company's stock performance.
View full sizeGeneral Motors Co. Chief Executive Officer and Chairman Dan Akerson talks to media before the Detroit automaker's 2011 annual shareholders meeting.DETROIT, MI- General Motors Co. will hold its annual shareholders meeting in Detroit today for a second consecutive year, but will most likely have more explaining to do than last year about the company’s stock performance.
At last year’s annual investor meeting, the company’s stock [NYSE: GM] was trading for about $28.75 per share, a 13 percent decrease from its IPO price of $33 in November 2010. This year, the stock is trading for about $22 a share, a 33 percent decline from the IPO price.
During last year’s June 7 meeting at Detroit’s historic Fisher Building, GM CEO and chairman Dan Akerson said he wasn't worried about GM's stock because it was performing in line with its competitors and it's a long-term investment.
"I do think it is long-term,” he said during a media briefing before the meeting. “I don't think these 'get rich quick schemes' of buying an IPO company is necessarily the best way to invest. You invest for the two-, the five-, the 10-year periods."
During this year’s meeting, Akerson is expected to discuss the state of the company, and stockholders will be asked to vote on the election of directors, the ratification of the selection of the independent registered public accounting firm for 2012, and an advisory proposal to approve executive compensation.
This year’s meeting is scheduled to start at 9:30 a.m. Tuesday inside the automaker’s Detroit headquarters in the Renaissance Center.
Shareholders wanting to attend the meeting had to request tickets for the by June 4, but GM is expected the webcast the event through the company’s investor website.