General Motors says changes to its director-independence criteria will take effect when its planned Nasdaq listing starts Nov. 17, coupling a governance revision with the stock’s exchange transfer.
The board approved bylaw amendments revising the criteria for who qualifies as an “Independent Director,” according to a Form 8-K filed with the U.S. Securities and Exchange Commission. The amendments are set to take effect as Nasdaq trading begins. GM’s board authorized the exchange transfer on Oct. 26, and Nasdaq approved the listing, the filing said.
GM expects its New York Stock Exchange listing to end after the close Nov. 16, with trading on the Nasdaq Global Select Market starting the following day. The company announced the plan Oct. 27. It expects the shares to keep the “GM” ticker and said shareholders do not need to take action because of the transfer.
GM said the move will make its shares eligible for possible inclusion in the Nasdaq-100 Index. The company has not said it will join the index. GM cited its customer-focused, technology-driven strategy as a reason for the change. Executive Vice President and Chief Financial Officer Paul Jacobson called Nasdaq “a natural home for our listing.”
GM’s common stock began trading on the NYSE on Nov. 17, 2010, according to the company’s investor-relations information. The planned transfer was detailed in an earlier report on GM’s Nasdaq move. The exchange change and revised director criteria are scheduled to take effect Nov. 17.
