Shareholders Reject Campaign GM, Also Defeat South Africa Proposal
General Motors shareholders for the second straight year supported management and rejected the three Campaign GM resolutions at the company annual meeting in Detroit Friday.
The resolution introduced by the Episcopal Church was also defeated.
The Harvard Corporation announced last Monday that it would vote its 288,160 shares with the GM management on all shareholder resolutions except the third Campaign GM proposal, on which it abstained.
The first Campaign GM proposal would have permitted candidates for the Board of Directors to be nominated by petition and have their names listed alongside the management slate. It received 3.1 million votes (1.3 per cent of the total).
The second proposal drew 2.5 million votes (1.1 per cent of the total). It would have empowered three constituent groups-consumers, dealers and employees-to nominate Directors.
Proposal Three-on which Harvard abstained-would have required GM to disclose information on its policies concerning minority hiring, pollution control and auto safety. It received the most suppont-5.4 million votes (2.4 per cent of the total).
The resolutions introduced, by the Missionary Society of the Protestant Episcopal Church called for GM to pull out of the Republic of South Africa because of the country's apartheid system. It received 2.9 million votes (1.3 per cent of the total).
At the meeting, James H. Roche, chairman of the GM Board, announced that General Motors would spend $150 million to express "our all-out commitment to the complete fulfillment of all that the American public expects of us."