Glass Lewis backs General Motor’s board nominees, opposes Greenlight’s proposal

by SpeedLux
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General Motors stated on Friday proxy adviser Glass Lewis & Co LLC advised shareholders to vote GM’s board nominees and against Greenlight Capital’s proposal at the business’s yearly shareholder meeting in June.

Hedge fund manager David Einhorn’s Greenlight has been pressuring the automaker to divide its common stock into two classes to assist increase its share price.

Glass Lewis agreed with the automaker that there’s a range of risks and unpredictabilities connected with Greenlight’s strategy and that “it is speculative in nature”, GM stated.

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