General Motors Co. (GM) said in a regulatory filing that it has recently learned about a related party transaction in 2011 not included in the proxy statement.
Pernilla Ammann, the wife of GM's Chief Financial Officer Dan Ammann, is an officer and partner in an advertising agency that received about $600,000 for services provided to a GM subsidiary in 2011.
The company said that the transaction has been properly ratified under its Related Party Transaction Policy, but not all the required procedures were followed.
Pernilla Ammann is a partner at Mother New York ad agency, which was hired to help promote centennial celebrations for GM's Chevrolet brand, Dave Roman, a spokesman for GM reportedly said.
The move violated a company policy. The company policy requires that Chief Executive Dan Akerson and the company's chief lawyer to pre-approve deals greater than $120,000 if they involve firms in which the spouses of senior executives have a financial interest, Roman said. The company said Akerson wasn't notified of the deal ahead of time as required by company policy.
Akerson and GM's legal counsel became aware of the deal recently and have now signed off on it, Roman reportedly said. He said Dan Ammann wasn't aware of the transaction. The transaction came to light as the company's corporate-governance staff reviewed last year's transactions for any potential conflict-of-interest issues.
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