GM Retunes Executive Pay Incentives Formula

General Motors Co. has modified the way it incentivizes its top executives in an effort to more clearly link individual performance with the company's results.

GM details the complex new scheme over 21 pages of the proxy statement it filed on Friday with the U.S. Securities and Exchange Commission.

For 2014, the new plan ties short-term compensation beyond base pay to GM's global market share, pretax earnings and unspecified internal and external product quality metrics. Longer-term compensation through 2016 will be indexed to the company's global market share and return on invested capital. Some 25% of the award will be in restricted stock that vests over three years.

GM says this year's short- and long-term payouts will range from zero percent to 200% of the company's targets.