General Motors has today announced it will defer its annual stockholders’ meeting until August 4th, two months later than usual, as it struggles to first prioritise its internal restructuring.
The meeting, to be held in Detroit for the first time since 1995, has changed locations in a bid to further cut (travel) costs and enable more shareholders to attend, including GM employees.
The meetings, which began in 1917, have never taken place as late as August. They were traditionally in late May but have been in June for the past 10 years.
The company has received $13.4 billion in federal loans and seeks up to $16.6 billion more. A committee of presidential appointees has until the end of March to weigh the company’s request.
“We have so much going on now and over the last couple of months, with the various aspects of the restructuring, that the board felt it would be able to give a better perspective on the company’s progress if we delayed it a little bit,” GM spokeswoman Julie Gibson said.
Historically speaking the meetings have attracted up to 200 attendees. Last year 83 stockholders were present.