Update 1:15 p.m. The votes have been counted at GE’s annual shareholders’ meeting. Although the results are still subject to verification, all of GE’s nominees to its board of directors who stood for re-election were elected and KPMG LLP was approved as the independent auditor for the company for the year 2009. On shareholder proposals, all four were rejected. These were: a proposal to change the way in which the board is elected; a proposal to create a non-binding vote on executive compensation; a proposal to have an independent commission evaluate a break-up of GE; and a proposal to change the way in which dividends are paid to GE executives.
9:45 a.m. GE’s 2009 annual meeting of shareowners gets underway in Orlando, Florida this morning at 10 a.m. A live webcast of the remarks by Chairman and CEO Jeff Immelt and Chief Financial Officer Keith Sherin is available here on GE Reports.
Jeff will provide an update on GE’s business units, which from 2000 to 2009 allowed GE to generate more earnings and pay more dividends than the past 30 years combined. Underscoring GE’s ability to use its global scale to drive competitiveness, Jeff will outline the company’s strategy to drive growth by investing in innovation, services and globalization.
“In this reset economy, we have an opportunity to grow GE over the long term,” Jeff said. “We are investing in growth, while lowering cost and generating cash. We are set to thrive in a global economy that favors clean energy, affordable healthcare and services that drive customer productivity. We have the skills and experience to manage in difficult times. We must leverage this opportunity.”
* Visit GE’s investor relations site to view slides from the presentation