General Motors (NYSE: GM) Chief Executive Rick Wagoner received $14.4 million in 2007, which is up 41% from the $10.2 million that he made in 2006. Ironically, this high compensation comes at a time when the auto maker has worked to cut costs and shed billions in retiree benefits. Meanwhile, GM itself lost $38.7 billion in 2007, but much of that can be attributed to a huge non-cash loss of tax credits that the company had been holding on its balance sheet.

Mr. Wagoner's base salary for 2007 came in at $1.6 million while he also received $1.8 million in incentive plan compensation and $230,688 for perquisites and benefits, including personal security. The bulk of the executive's pay came from stock options and grants awarded to him throughout the year at favorable prices. Stock awarded for this upcoming year, however, is contingent on performance goals being met.

At least one shareholder has voiced concerns about this compensation. John Lauve announced his intention to nominate 10 candidates for election to the board, but he has nominated candidates each year since 2000 without success. He has never conducted a proxy solicitation for his candidates and therefore they have never been put on the ballots. Other stockholder concerns deal with topics like cutting greenhouse gas emissions, disclosing political contributions, heathcare return, executive compensation, cumulative voting and special stockholder meetings.