Ford executives say they welcome Kerkorian investment

Ford reported losses of $2.7 billion for 2007, but turned a surprise $100 million profit during the first quarter this year. The company also reached a labor agreement recently with auto workers in Canada.

During Thursday's meeting, 72.8 percent of the shareholders rejected a measure to give one vote to each share of outstanding stock in an attempt to dilute the Ford family's control, a slightly stronger showing of support than last year for the status quo.

Descendants of Henry Ford, who make up 40 percent of the combined voting power of all outstanding family stock, are allowed 16 votes each while other shares get one vote apiece. Ford family members collectively own 70.9 million shares of so-called "Class B" Ford stock.

Shareholders rejected other measures by wide margins that would prevent new stock options from being awarded to senior executives and eliminate any restrictions on shareholders' right to call a special meeting.

Other rejected proposals included requirements for Ford to provide a report on the company's procedures for making political contributions and expenditures, and the adoption of principles urging comprehensive health care reform.

Shareholders elected 13 members of the board of directors, with each director receiving no less than 86.2 percent.

Only 56 shareholders showed up in person, the lowest attendance in several years. They raised environmental and fiscal issues and wanted information on Ford's dealership network and the company's leadership.

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