DETROIT, June 27 (UPI) -- General Motors Corp. is barring most senior executives and other employees with access to internal financial information from trading company stock.
The ban, intended to prevent GM managers from inadvertently engaging in illegal insider trading based on information not publicly available, is open-ended, the Detroit News reported Monday.
"It's more restricted than usual due to the fact that we are no longer providing earnings guidance," GM spokeswoman Tony Simonetti said. The ban is "really intended for any employee at any level that has access to internal material data, like earnings forecasts," he said.
In an e-mail sent to 400 high-level executives, GM urged the managers to limit key information to "only those who need to know."
The goal is "to shrink the pool of people who have access to this type of information and not to create an insider, if possible."
GM lost $1.1 billion in the first quarter and is in delicate talks with the UAW about benefit concessions.
