Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: SATURDAY, May 27, 1995 TAG: 9506020017
SECTION: BUSINESS PAGE: A6 EDITION: METRO
SOURCE: MIKE McKESSON ASSOCIATED PRESS
DATELINE: WILMINGTON, DEL. LENGTH: Medium
\ General Motors Corp. officers ended the company's smallest, cheapest and shortest annual meeting in decades Friday, but not everyone was happy with the streamlining.
``This is utter nonsense,'' said John J. Gilbert of New York, one of three shareholders whose comments and questions at last year's meeting helped stretch the session to more than four hours.
``This is the worst meeting I ever attended for General Motors,'' said George Sitka of Bristol, Conn., another of the trio.
``Don't be snotty,'' he admonished GM chairman John G. Smale when Smale told him his allotted time for comments had run out.
Gilbert, Sitka and Evelyn Y. Davis, shareholders whose off-the-wall questions and comments are a staple of such gatherings, all used up their 10 minutes of microphone time before the 21/2-hour session ended. But even with the limits, they managed to give it a circus-like atmosphere.
Davis demanded to know what the company was doing to protect its shareholders and employees from the Ebola virus and Dr. Jack Kevorkian's use of cars in his controversial assisted suicide actions.
The response was drowned out by laughter.
She accused GM of sending ``a flight full of flunkies'' to last fall's Paris auto show.
``Mrs. Davis, this corporation does not employ flunkies,'' Smale retorted.
Digital scoreboards at the front of the room kept track of time spent by each of about two dozen shareholders who spoke. Smale was the enforcer.
``Again, Sister, your minute is up,'' he said as he cut off a nun speaking on behalf of a shareholder proposal that the company issue a detailed report on its foreign military sales.
Hoping to make the meeting short and businesslike, GM stripped away the glitter. There were no civic receptions, no shiny displays of new and future cars and trucks, no audiovisual extravaganzas, plant tours or test drives.
Smale has said the meetings of the past cost too much and were not an effective way to communicate with shareholders. And he and other top officers have been obviously uncomfortable with the antics of shareholders like Gilbert, Sitka and Davis.
Only 137 shareholders registered for the session, the smallest number in the nearly 50 years the company has kept track. As recently as 1992, more than 1,600 people showed up.
GM also saved a lot of money. This year's meeting cost about $150,000 to stage. Last year's was $1.2 million.
by CNB