General Motors 2011 Annual Report Download - page 4

2General Motors Company2011 Annual Report
The four principles I’m talking about have not changed
since GM’s initial public offering:
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KVU»[JVTWL[L[VKH`
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[OHUTHQVY]LOPJSLSH\UJOLZHYV\UK[OL^VYSKPUJS\KPUN[OL6WLS
4VRRHPU,\YVWL[OL*OL]YVSL[:HPSPU(ZPHHUK[OL*OL]YVSL[*VSVYHKV
PU:V\[O(TLYPJH
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J\Z[VTLYZHYV\UK[OL^VYSKHUK[V^PU[OLJVUÄKLUJLVMPU]LZ[VYZSPRL`V\
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0[ZOV^ZOV^^LHYLHKKYLZZPUNV\YJOHSSLUNLZHUKWVZP[PVUPUN[OPZ
JVTWHU`MVYZ\Z[HPULKWYVÄ[HISLNYV^[OHYV\UK[OL^VYSK
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Here are just some of the highlights from 2011:
 .4PUJYLHZLKP[ZNSVIHSTHYRL[ZOHYLI`WLYJLU[HNLWVPU[Z
MYVT[V WLYJLU[PU
 .4»ZV]LYHSSTVTLU[\TPUJS\KPUNHWLYJLU[ZHSLZPUJYLHZLPU
 [OL<UP[LK:[H[LZJYLH[LKUL^QVIZHUKKYV]LPU]LZ[TLU[Z>LOH]L
 HUUV\UJLKPU]LZ[TLU[ZPU <:MHJPSP[PLZ[V[HSPUNTVYL[OHU
 IPSSPVUZPUJL1\S` ^P[OTVYL[OHUQVIZJYLH[LKVYYL[HPULK
6\YZ\WWSPLYZHUKKLHSLYZHYLPU]LZ[PUNMVY[OLM\[\YLYPNO[HSVUNZPKL
\Z0UMHJ[TVYL[OHUKLHSLYZOPWZPU[OL<UP[LK:[H[LZHYL
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 HUKZLY]PJLL_WLYPLUJL
 0U*OPUH.4PZ[OLJSLHYTHYRL[SLHKLYHUK^LJVU[PU\LK[VV\[WHJL
[OLJVTWL[P[PVUPU:HSLZI`.4HUKV\YQVPU[]LU[\YLWHY[ULYZ
PUJYLHZLKTVYL[OHUWLYJLU[JVTWHYLK^P[OHUKV\YTHYRL[
ZOHYL^HZ\WWLYJLU[HNLWVPU[Z[VWLYJLU[
 >LTHUHNLKV\Y^H`[OYV\NO[OLHM[LYTH[OVM[OL1HWHULZL
LHY[OX\HRLHUK[Z\UHTP^P[OV\[HU`TH[LYPHSPTWHJ[VUV\YVWLYH[PVUZ
[OHURZ[VNYLH[[LHT^VYRIL[^LLU.4HUKV\YZ\WWSPLYWHY[ULYZ
 >LZVSKV\YLX\P[`PU[LYLZ[PU+LSWOP(\[VTV[P]LHUKV\Y
 WYLMLYYLKZ[VJROVSKPUNZPU(SS`-PUHUJPHSMVYHJVTIPULKIPSSPVU
[VZPTWSPM`HUKM\Y[OLYZ[YLUN[OLUV\Y¸MVY[YLZZ¹IHSHUJLZOLL[
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WYV[LJ[ZV\YSV^IYLHRL]LUSL]LSPU[OL<UP[LK:[H[LZWYLZLY]LZV\Y
MVY[YLZZIHSHUJLZOLL[HUKJYLH[LZHTVYL[YHUZWHYLU[HUKHSPNULKWYVÄ[
ZOHYPUNWSHU>LHYLHSZVNP]PUNLTWSV`LLZ[OLVWWVY[\UP[`[VILULÄ[
ÄUHUJPHSS`^OLU[OL`PTWYV]L[OLPUP[PHSX\HSP[`VM.4]LOPJSLZ
 >LZ[YLUN[OLULKV\YNSVIHSSLHKLYZOPW[LHT^P[OUL^SLHKLYZPUÄUHUJL
WYVK\J[KL]LSVWTLU[O\THUYLZV\YJLZHUKV[OLYJYP[PJHSHYLHZ
)V[O4VVK`»Z0U]LZ[VYZ:LY]PJLHUK:[HUKHYK7VVY»ZYLJVNUPaL
Q\Z[OV^MHY^L»]LJVTLHUKOH]L\WNYHKLKV\YJVYWVYH[LJYLKP[YH[PUNZ
[VVULUV[JOILSV^PU]LZ[TLU[NYHKL(JOPL]PUNPU]LZ[TLU[NYHKLZ[H[\Z
PZZVTL[OPUN^L^PSSLHYUI`YLTHPUPUNMVJ\ZLKVUV\YMV\YN\PKPUN
WYPUJPWSLZHUKL_LJ\[PUN[OLT^P[OWHZZPVUYLSLU[SLZZH[[LU[PVU[V
KL[HPSHUK[Y\LHJJV\U[HIPSP[`


DANIEL F. AKERSON
*OHPYTHU*OPLM,_LJ\[P]L6MÄJLY
+LHY:[VJROVSKLY!