FAIRFIELD, Conn.--(BUSINESS WIRE)--GE's Board of Directors voted today to submit a proposal to shareholders to adopt a majority voting standard for the election of directors at the company's 2007 annual meeting.
Shareholders will be asked to vote on an amendment to the company's certificate of incorporation that will require each nominee to the Board to receive an affirmative majority of the votes cast to be elected. This majority-voting standard will apply in uncontested elections.
If GE shareholders approve the proposal, the Board would adopt a by-law that would require an incumbent nominee who did not receive an affirmative majority of the votes cast to immediately tender his or her resignation subject to the board's acceptance.
GE will hold its 2007 annual meeting in Greenville, S.C., on April 25.
GE (NYSE: GE) is Imagination at Work -- a diversified technology, media and financial services company focused on solving some of the world's toughest problems. With products and services ranging from aircraft engines, power generation, water processing and security technology to medical imaging, business and consumer financing, media content and advanced materials, GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit the company's Web site at www.ge.com.
Contacts
General Electric, Fairfield
Gary Sheffer, 203-373-3476
[email protected]