General Motors Company (GM, Financial) has announced significant amendments to its corporate Bylaws, as approved by the Board of Directors on October 4, 2024. These changes, which took immediate effect, aim to streamline the process for shareholder-nominated directors by removing the requirement for an irrevocable resignation letter.
Previously, directors nominated by shareholders under the proxy access provisions were required to submit a resignation letter that would be activated if the Board determined that the information provided was materially untrue or misleading, or if the nominee or nominating shareholder failed to comply with obligations or breached representations under the Bylaws. The removal of this requirement is part of a broader effort to simplify and clarify the nomination process.
In addition to this key change, the Amended and Restated Bylaws include various administrative and clarifying updates. These amendments reflect General Motors' commitment to enhancing corporate governance practices and facilitating shareholder engagement.
For more detailed information on the amendments, the full text of the Amended and Restated Bylaws is available in the company's latest Form 8-K filing.
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