GM is raising its dividend, but an investor advocate says it needs to buy back a ton of stock

General Motors is in the midst of a phased dividend raise. On the company's fourth-quarter earnings call last week, it said it will increase the quarterly dividend by 20 percent. Chief Financial Officer Chuck Stevens told Reuters more cash could be returned to investors as soon as the second half of the year.

But that's not enough for someone who was actually involved with keeping GM in business.

GM said on Tuesday that a former member of the U.S. auto task force that helped restructure the company in 2009 during its bankruptcy wants to join the board of directors and have the automaker commit to a $8 billion share buyback program.

Harry Wilson notified the Detroit company he intends to nominate himself as a candidate for the board at the 2015 annual shareholders meeting and offer a proposal to complete the share buyback program within a year.

GM has come under increasing pressure to return some of its $37 billion in liquidity, including $25 billion in cash, to shareholders.

Wilson said he is acting with and on behalf of himself and investment funds Taconic Parties, Appaloosa Partners, HG Vora Parties and Hayman Parties, which together own about 34.4 million shares, or about 2.1 percent of GM's outstanding stock.

(Reuters reporting by Ben Klayman; Editing by Jeffrey Benkoe)