DETROIT, April 26 General Motors Co on
Friday filed a shelf registration statement that makes it easier
for shareholders, including the U.S. Treasury, to sell stock in
the company over the next three years.
The U.S. automaker said it was not aware of any specific
plans by a shareholder to sell stock and a spokesman called the
S-3 filing procedural. The statement allows shareholders to sell
registered securities in a public offering.
U.S. Treasury took a stake in GM in 2009 as part of a $50
billion taxpayer-funded bailout and remains the company's
largest shareholder, owning 242 million shares, or a 16.4
percent stake. A spokesman at Treasury was not immediately
Following GM's initial public offering in 2010, Treasury had
a stake of 500 million shares. Last December, the agency
announced it would sell $5.5 billion worth of GM stock - or 200
million shares - to the company as well as plans to exit the
rest of its stake in the automaker by April 2014.
In January, Treasury initiated a pre-arranged written
trading plan to sell the rest of its GM stake.
GM officials are eager to be free from government oversight
and executives have said Treasury's exit also would likely
result in a sales boost as some consumers unhappy over the U.S.
taxpayer-funded bailout give the automaker a second look. The
auto giant was dubbed "Government Motors" by many critics after
The special paymaster for the Troubled Asset Relief program
(TARP), Patricia Geoghegan, said Friday that Treasury had
recovered about $30.4 billion of its investment in GM as of the
end of March.
In the event of a sale in the future, GM said in its filing
on Friday that terms would be set at the offering and described
in a prospectus supplement filed with the U.S. Securities and
GM said it will not receive any of the proceeds of sales of
common stock or warrants by the selling shareholders.
Separately on Friday, Geoghegan said chief executive
compensation at GM and Ally Financial, the two companies that
have not paid off their bailouts, remains unchanged since 2010.
She added there had been some modification in the mix of stock
salary and long-term restricted stock.
Cash compensation for the top 25 executives at the two
companies has not increased from 2010 levels, Geoghegan said.
The cash salaries in 2013 for those top executives as a group on
average are 4 percent below the median for cash salaries and 56
percent below the median for total cash compensation for similar
positions at similar companies, she said.
The paymaster said all but one of the 2013 pay packages
approved contain mostly stock, rather than cash.
GM disclosed in regulatory filings on Thursday that CEO Dan
Akerson's 2012 pay totaled $11.1 million, a 44 percent increase
However, GM shifted the way it paid Akerson in a way that
hinted that he could retire in 2015. Last year, Akerson was not
awarded any restricted stock units (RSUs) "in acknowledgement of
the possibility of his retirement before the completion of the
three-year vesting period for RSUs," according to the proxy