General Motors told the U.S. Securities and Exchange Commission today that it failed to report a $600,000 deal given to an advertising agency where the wife of a top GM executive is an owner. GM said in an SEC filing that it had �recently learned about� a contract awarded in 2011 to an agency where Chief Financial Officer Dan Ammann�s wife, Pernilla Ammann, is chief operating officer and partner. The automaker added: �This transaction has been properly ratified under our Related Party Transaction Policy, but not all the required procedures were followed.� The company has a detailed policy dictating how potential conflicts of interest must be handled. Part of the policy: Deals of more than $120,000 in which a top executive�s spouse has a financial ...
Continue reading →
