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Glass Lewis backs GM's board nominees, opposes Greenlight's proposal
May 26, 2017 / 2:15 PM / 4 months ago

Glass Lewis backs GM's board nominees, opposes Greenlight's proposal

The GM logo is seen at the General Motors Lansing Grand River Assembly Plant in Lansing, Michigan October 26, 2015. Photo taken October 26. REUTERS/Rebecca Cook

(Reuters) - General Motors Co (GM.N) said on Friday proxy adviser Glass Lewis & Co LLC recommended shareholders to vote for GM’s board nominees and against Greenlight Capital’s proposal at the company’s annual shareholder meeting in June.

Hedge fund manager David Einhorn’s Greenlight has been pressuring GM to split its common stock into two classes to help boost its share price.

Glass Lewis agreed with the automaker that "there are a number of risks and uncertainties associated with Greenlight's plan and that it is speculative in nature," GM said. (bit.ly/2rYpykb)

Reporting by Arunima Banerjee in Bengaluru; Editing by Arun Koyyur

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