General Motors (NYSE: GM) executives took some heat during their latest annual shareholders meeting. Investors blasted executives for raking in huge salaries and bonuses while the automaker has continued to struggle financially. However, yet another say on pay proposal was defeated by apathetic institutional investors. The fear on their end is that shareholders may be too harsh and the measure would result in an exodus of executives.

Many shareholders believe that GM's market share, stock price and credit rating have all decreased in recent years, but the management and directors have not been held accountable. Employees have also felt the pressure with more than 10,000 jobs set to be cut in Canada, the United States and Mexico. According to one investor, "We either need to change this company or have the Japanese come in and run the whole place."

GM suffered a $38 billion loss in 2007 and the auto market continues to struggle in 2008. While many of the circumstances surrounding this decline is market and not company related, many investors still believe that executives should share in the pain. However, those supporting executive maintain that many own a substantial amount of stock and therefore are already sharing in the pain.

In the end, this is another example of shareholders disagreeing with management and the board. Executive compensation may remain a hot-button issue, but it clearly still isn't being resolved as long as public fights like these occur.