General Electric Company
Ticker: GE
Meeting date: 05/05/2020
Meeting type: Annual
| Proposal | Mgt rec | Vote | |
|---|---|---|---|
| Management proposals | |||
| 1 | Proposal Elect Director Sebastien Bazin | Mgt rec For | Vote For |
| 2 | Proposal Elect Director Ashton Carter | Mgt rec For | Vote For |
| 3 | Proposal Elect Director H. Lawrence Culp, Jr. Vote rationale: The board should exercise objective judgement on corporate affairs and be able to make decisions independently of management. The roles of chairperson and CEO should not be held by the same individual. Where a company founder combines both roles, we may support this for a limited period, provided the board has put in place measures to mitigate any conflicts of interest. Global Voting Guidelines Separation of chairperson and CEO | Mgt rec For | Vote Against |
| 4 | Proposal Elect Director Francisco D'Souza | Mgt rec For | Vote For |
| 5 | Proposal Elect Director Edward Garden | Mgt rec For | Vote For |
| 6 | Proposal Elect Director Thomas W. Horton | Mgt rec For | Vote For |
| 7 | Proposal Elect Director Risa Lavizzo-Mourey | Mgt rec For | Vote For |
| 8 | Proposal Elect Director Catherine Lesjak | Mgt rec For | Vote For |
| 9 | Proposal Elect Director Paula Rosput Reynolds | Mgt rec For | Vote For |
| 10 | Proposal Elect Director Leslie Seidman | Mgt rec For | Vote For |
| 11 | Proposal Elect Director James Tisch | Mgt rec For | Vote For |
| 12 | Proposal Advisory Vote to Ratify Named Executive Officers' Compensation Vote rationale: The board is responsible for attracting the right CEO and setting appropriate remuneration. A substantial proportion of annual remuneration should be provided as shares that are locked in for five to ten years, regardless of resignation or retirement. The board should provide transparency on total remuneration to avoid unacceptable outcomes. The board should ensure that all benefits have a clear business rationale. Pensionable income should constitute a minor part of total remuneration. Global Voting Guidelines CEO remuneration | Mgt rec For | Vote Against |
| 13 | Proposal Ratify KPMG LLP as Auditors | Mgt rec For | Vote For |
| Shareholder proposals | |||
| 14 | Proposal Require Independent Board Chairman Vote rationale: The board should exercise objective judgement on corporate affairs and be able to make decisions independently of management. The roles of chairperson and CEO should not be held by the same individual. Where a company founder combines both roles, we may support this for a limited period, provided the board has put in place measures to mitigate any conflicts of interest. Global Voting Guidelines Separation of chairperson and CEO | Mgt rec Against | Vote For |
Disclaimer
This page contains certain information as to the voting intentions of Norges Bank in its role as manager of the Government Pension Fund Global. This disclosure is provided to promote transparency as to Norges Bank’s engagement with investee companies, and in view of its approach to responsible investing. Norges Bank’s voting intention is an internal decision and has not been agreed with any third party. Please note the following:
- This disclosure is provided for information purposes only. It does not constitute advice and should not be taken as a recommendation or an instruction on any matter, including whether any relevant third party should buy, sell or retain shares, or how any third party should exercise any voting rights they may have. Any person who wishes to obtain advice should seek this from a professional adviser. This disclosure is not a proxy solicitation and is not intended to influence the vote of other shareholders.
- No reliance should be placed on this information or its accuracy, and Norges Bank accepts no responsibility or liability for any action taken or not taken on the basis of this information. Any relevant third party should form their own views based on their own analysis of the relevant facts and circumstances.
- To be clear, Norges Bank has no duty of care in respect of any third party who decides to view this disclosure, which shall be done entirely at their own risk.
- Any information in this disclosure is subject to change without notice. In particular, be aware that Norges Bank’s intentions and the holdings of the Government Pension Fund Global may change over time and, to the extent permitted by applicable law, Norges Bank disclaims any responsibility to update this information as a result of such changes or for any other reason.
- Securities lending or other activity may mean that the votes cast by Norges Bank are significantly different than its economic or published holding of shares, or significantly different from its holding at the date of this disclosure. No assumption should be made or reliance placed on the number of votes that will be cast.
- Norges Bank is not subject to any prohibition on securities lending, trading or other activity as a result of this disclosure at any point prior to or after the publication of this disclosure.