FAIRFIELD, Conn.--(BUSINESS WIRE)--May 19, 2005--GE released today its first citizenship report highlighting its performance, progress and challenges in a variety of citizenship areas, including compliance and governance; globalization; community investment; the environment, health, and safety; products and research and development; and its commitment to employees and other stakeholders. The report, "Our Actions," tells an integrated story of how GE conducts business, its impacts on communities, and its efforts to be a good and trusted world citizen.
The report can be viewed and downloaded online at www.ge.com/citizenship.
"In an increasingly global and transparent world, we measure our performance in a context broader than financial results and stock price," GE Senior Vice President of Law and Public Affairs Ben Heineman said. "Everyday, we strive to be a responsible citizen, to perform with integrity and to serve our customers, investors and other stakeholders responsibly.
"Strong corporate citizenship is about constant improvement and we continue to set high expectations for ourselves on how we address the challenges facing our businesses and our communities," Heineman said.
GE's Vice President of Corporate Citizenship Bob Corcoran said, "Our new citizenship web site provides an in-depth view of the policies, procedures and practices we employ to make our Citizenship commitments a reality. Links in the report allow readers to pursue topics in greater depth, and the web format allows the report to be a living document which can be supplemented and updated as developments occur."
GE used the Global Reporting Initiative (GRI) 2002 Sustainability Reporting Guidelines to inform the development of the report. The report features a GRI content index to help readers match GE programs and results with the recommended GRI guidelines. Highlights include the following:
-- Between 2002 and 2004, GE assessed more than 3,000 suppliers to make sure they are compliant with laws that require them to treat workers fairly, provide a safe and healthy work environment and protect environmental quality.
-- In the wake of the tsunami that struck South Asia, the GE family provided $20 million in cash, products, and services and helped raise millions more. Overall, in 2004 the GE family contributed more than $150 million to support service organizations in communities around the world.
-- GE recently launched ecomagination, a commitment to bring to market products that have environmental and operational advantages. GE is also committed to reducing its own emissions 1% by 2012 (compared to 2004).
-- GE achieved the best safety performance ever in 2004 with an 11.5% improvement in injury and illness rate over 2003 (594 fewer injuries), and a 14.4% improvement in lost time rate. GE is also the #1 participant in the U.S. Occupational Safety and Health Administration's Voluntary Protection Program, with 91 U.S. VPP sites.
-- In 2004, GE's revenues from the developing world reached $21 billion, a 37% increase. GE expects to achieve as much as 60% of its future revenue growth from emerging markets including China, Russia, Eastern Europe, India and the Middle East.
The report also covers other topics such as product-use issues, outsourcing and supplier requirements, policies in emerging economies and privacy issues. One section of the report is dedicated to GE's environmental performance and provides an update on the status of several PCB cleanup projects.
In 2004, GE was recognized by a variety of observers, including:
-- The Financial Times and FORTUNE, which named GE the most respected and admired company, respectively.
-- GovernanceMetrics International, which gave GE a perfect score for its governance practices.
-- The Dow Jones Sustainability Index, which added GE to its list of highly selective companies chosen for their environmental, social and economic programs.
GE will continue to engage its stakeholders in its approach to citizenship and welcomes direct feedback on its report at www.ge.com/citizenship.
GE (NYSE: GE) is a diversified technology, media and financial services company dedicated to creating products that make life better. From aircraft engines and power generation to financial services, medical imaging, television programming, and plastics, GE operates in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit the company's Web site at http://www.ge.com.
Contacts
General Electric, Fairfield
Gary Sheffer, 203-373-3476
[email protected]
or
General Electric, Brussels
Louise Binns, +322-235-6912
[email protected]