General Motors said today it will hold its annual stockholders meeting on Aug. 4, two months later than usual. The meeting will be in Detroit for the first time since 1995.
The past 14 stockholder meetings have been in Wilmington, Del., where GM is incorporated. Moving the meeting to Detroit will cut costs and should enable more shareholders, such as GM employees, to attend, GM spokeswoman Julie Gibson said.
GM pushed back the date from June to August because of its restructuring. 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 companys 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 companys progress if we delayed it a little bit, Gibson said.
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.
Wilmington meetings averaged between 100 and 200 attendees, Gibson said. Last years meeting had 83 stockholders in attendance, she said.
The annual meetings were in Wilmington until the mid-1960s, when the location changed to Detroit. In the early 1990s, GM held meetings in Nashville, Fort Wayne, Ind.; Oklahoma City; and Shreveport, La., before switching back to Wilmington.