Summary
This 8-K filing from General Electric (GE) on May 13, 2019, details key governance changes and outcomes from their annual shareowner meeting held on May 8, 2019. The most significant development is the amendment to GE's Certificate of Incorporation and By-Laws to reduce the minimum number of directors on the Board from ten to seven. This move, approved by shareowners, streamlines board composition and is effective immediately upon the filing of the Charter Amendment. The filing also provides the voting results from the annual meeting. Notably, all director nominees were elected, and shareowners approved "Say on Pay" (executive compensation) and the Charter Amendment reducing the minimum director count. However, shareowner proposals regarding an Independent Chair and Cumulative Voting did not receive sufficient support for approval. The appointment of KPMG LLP as the independent auditor for 2019 was also ratified.
Key Highlights
- 1General Electric reduced the minimum number of directors on its Board from ten to seven, effective May 13, 2019.
- 2This reduction in minimum board size was approved by shareowners at the May 8, 2019 annual meeting.
- 3All ten director nominees presented at the annual meeting were elected by shareowners.
- 4Shareowners approved the company's executive compensation plan ("Say on Pay").
- 5The appointment of KPMG LLP as GE's independent auditor for 2019 was ratified by shareowners.
- 6Two shareowner proposals, one for an Independent Chair and another for Cumulative Voting, did not pass.