General Motors refutes reports the company requested a 20 percent pay raise for CEO Dan Akerson.
Late Monday CNBC reported the company will ask the federal government for approval to pay Akerson $11.1 million in 2013, a $2.1 million increase over his 2012 compensation. After initially saying it had no comment on pay requests for its top executives, General Motors now says this year it is requesting CEO Dan Akerson receive total compensation of $9 million.
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So why is there confusion over Akerson's proposed compensation?
It stems from a document obtained by CNBC titled "2013 Top 25 Proposal." While the names and official titles of the top 25 employees at GM have been redacted from the document, the top executive is listed with total compensation of $11.07 million dollars.
GM said that the document shows 2012 compensation, and was prepared for the oversight committee by the Treasury Department. General Motors said Akerson's total take home pay in 2012 was $11.1 million. That includes $2 million in restricted stock grants awarded in 2011 that vested in 2012.
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As a condition of being bailed out in 2009, General Motors must to get the Treasury Department to approve the annual pay for its top 25 executives.
A U.S. Treasury Department official told CNBC no determinations have been made for 2013 compensation and just because a company makes a proposal, does not mean that is what the executive will be paid.