CFACT was present for the General Motors shareholder meeting on June 4th to both congratulate and then pose a question to company CEO Marry Barra about Cadillac’s decision to pull back from its plans to go “all in” on electric vehicles.

Specifically, National Field Director Greg Neff queried GM CEO Marry Barra with this question: “Global Cadillac Vice President John Roth recently announced that the company was no longer pursuing a goal of eliminating the production of internal combustion engines by 2030. This is great news for many motorists who are not excited by electric vehicles. But is this about-face just a temporary thing, or will GM continue to resist the political pressure to impose electric vehicles on an unwilling public?”

Barra’s response was disappointing, to say the least. She answered Neff by stating, “We have a great lineup of gas-powered, or what we call ICE vehicles that are available right now, and we have a great lineup of EVs that will continue to grow, and we’ll be covering from a segment perspective and a range perspective, design, etcetera. So, we believe we’re well positioned and will be customer-focused as we go through this transformation.”

The GM CEO obviously is committed to pushing EV’s in the future and has embraced a “transition” that is neither necessary nor one which is consumer-driven. That Cadillac is backtracking for now is likely only because they’re taking it on the chin financially. This is the type of thinking that should be worrisome for shareholders as it appears politics, not the market, is in the driver’s seat directing the company.

In addition to questioning the CEO, CFACT’s Neff also voted on some proposals that fit into the organization’s wheelhouse. He voted in favor of a proposal that called into question the company’s use of cobalt in their EV production – a process that invariably employs mines that use forced child labor, primarily in Congo. Additionally, he voted for a second proposal that would end corporate bonuses from being tied to EV targets. Bonuses incentivize managers and board members to push forward on these forced EV transitions even when consumer sentiment doesn’t back it. While both proposals failed to gain a majority, it was important that other stockholders were made aware of these problems within GM.

CFACT will continue holding corporate CEOs accountable if and when they put liberal, woke policy agendas ahead of shareholder interests.