GE Announces Plan for Auditor Tender Process
December 14 2018 - 8:30AM
Business Wire
GE announced that the Audit Committee of its Board of Directors
will move forward with a tender process for the appointment as GE’s
independent audit firm. The effective date for the audit firm
appointment following that process will be based on the progress
toward completing the Company’s previously announced portfolio
actions. The Audit Committee has determined to reappoint KPMG LLP
(KPMG) as GE’s auditor for 2019.
The announcement follows the annual auditor ratification vote at
GE’s shareowner meeting in April 2018, which was significantly
lower than prior years with approximately 65% of the votes cast in
favor of ratifying KPMG’s appointment as GE’s auditor for 2018.
Since the ratification vote, the Audit Committee has sought
feedback from GE shareowners and considered a range of options in
response.
GE Audit Committee Chairman Geoff Beattie said, “The plan
announced today is responsive to our shareowners and balances the
competing considerations about undertaking an audit firm rotation
amidst the portfolio and other strategic actions that the Company
is currently executing.”
The Audit Committee plans to provide additional details about
its deliberations and the response to the 2018 auditor ratification
vote in the Company’s proxy statement that will be filed in March
2019.
About GE
GE (NYSE:GE) drives the world forward by tackling its biggest
challenges. By combining world-class engineering with software and
analytics, GE helps the world work more efficiently, reliably, and
safely. For more than 125 years, GE has invented the future of
industry, and today it leads new paradigms in additive
manufacturing, materials science, and data analytics. GE people are
global, diverse and dedicated, operating with the highest integrity
and passion to fulfill GE’s mission and deliver for our customers.
www.ge.com
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version on businesswire.com: https://www.businesswire.com/news/home/20181214005223/en/
GE Investor Contact:Todd Ernst,
617.443.3400todd.b.ernst@ge.com
GE Media Contact:Jennifer Erickson,
646.682.5620jennifer.erickson@ge.com
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