Tag Archives | GE

Directors Forum 2019

What follows are quick takes, with many incomplete sentences, from the recent Directors Forum 2019 held in San Diego. These are highlights from the notes of one participant, from my perspective as a shareholder advocate. If you attended, I am sure you have different takeaways. Please share them as comments. Like all Directors Forums, this one operated under the Chatham House Rule, so you will find no direct quotes. I am not even including names, although you can find them in the Agenda. Additionally, because of that restriction I do not report below on any of the featured speakers. Believe me, they were all fascinating and informative.

To learn more about Directors Forum 2019, click on the following: #directorsforum2019  @cordirforum on Twitter, website, and Linkedin. The tweets from Directors Forum 2019 could be the most comprehensive point-by-point reporting I have seen from any conference. 

While Directors Forum 2019 had great speakers and panels, the primary benefit for me and many others, cames from the informal side conversations as we rekindle old friendships and begin new ones. For example, I got tips on how to increase turnout in campaigns to overturn supermajority requirements where management endorses. I also learned what funds might be most receptive to announcing their votes in advance of public meetings. That will be important in getting retail shareholders to vote going forward. Continue Reading →

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Exempt Solicitation Use Surges

Exempt solicitation use by shareholder proponents will continue to surge. Almost six years ago, SharkRepellent.net documented the rising use of PX14A6G filings. (Proponents Increasingly Proactive Promoting Their Issues by John Laide)

Read any good PX14A6G filings lately? During the 2012 proxy season, sponsors of shareholder proposals have been increasingly making use of rules allowing them to further press their case to stockholders to support their issues. Pursuant to Rule 14a-2(b)(1) of the Exchange Act, a shareholder can freely communicate its views to stockholders without having to comply with the proxy filing and disclosure rules associated with a contested solicitation if it is not seeking proxy voting authority (i.e. the shareholder is not seeking the power to act as proxy for a stockholder and does not provide its own proxy card in its materials).  The filing itself generally takes the form of a letter to fellow shareholders attempting to persuade them to vote for a proposal the shareholder is sponsoring, to vote against a management proposal, or to withhold votes for directors, and will appear on the SEC’s EDGAR filing system alongside the company’s other filings. An exempt solicitation provides an easy, cost-effective way for proponents to express their views and lobby fellow shareholders beyond the 500-word limit imposed by Rule 14a-8 for a proposal and supporting statement in the company’s proxy statement.

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GE PX14A6G: Deduct Stock Buyback Impact

GE PX14A6G: Notice of Exempt Solicitation pursuant to Rule 14a-103 reproduced below with minor modifications. Please sign on to our Change.org campaign. Use Real Impact Tracker to ask your fund to vote for Shareholder Proposal 3, “Deduct Impact of Stock Buybacks from Executive Pay” at or before the GE annual meeting. See also SEC ADMITS IT’S NOT MONITORING STOCK BUYBACKS TO PREVENT MARKET MANIPULATION.

GE PX14A6G: Shareholder Proxy Memo

GE PX14A6G: Notice of Exempt Solicitation Pursuant to Rule 14a-103
Name of Registrant: General Electric Company (GE)
Names of persons relying on Exemption: James McRitchie on behalf of Myra K. Young

We call on GE shareholders to vote FOR shareholder proposal 3, “Deduct Impact of Stock Buybacks from Executive Pay” at or before the GE Annual Meeting on April 25, 2018.

Questions? Contact James McRitchie at [email protected]. Continue Reading →

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GE – General Electric: Proxy Score 58

GEGE, General Electric Company (NYSE:$GE) is a diversified infrastructure and financial services company with products and services ranging from aircraft engines, power generation, oil and gas production equipment, and household appliances to medical imaging, business and consumer financing and industrial products. It is one of the stocks in my portfolio. Their annual meeting is coming up on April 27, 2016.

ProxyDemocracy.org had collected the votes of zero funds when I checked. Vote AGAINST pay plan, compensation committee, proposals on Performance-Based Equity Awards & Country Selection. Vote FOR report on lobbying, independent chair, and Holy Land Principles – voting with the Board’s recommendations 58% of the time. View Proxy Statement. Continue Reading →

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Webinar Tomorrow Reviews How Sustainability Drives Growth

Driving Revenue Growth Through Sustainable Products and ServicesSustainability innovation is powering business growth, according to a new research report. Between 2010 and 2013, revenues from company-defined portfolios of sustainable products and services grew by 91% among the companies examined in the report. For S&P Global 100 companies that break out revenue for sustainable products or services separately, that revenue stream grew at six times the rate of overall company results. Continue Reading →

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General Electric Company (GE): Proxy Score 57

GEGeneral Electric Company (GE), which operates as an infrastructure and financial services company worldwide, is one of the stocks in my portfolio. Their annual meeting is coming up on 4/22/2015. ProxyDemocracy.org had the vote of two funds when I checked and voted on 4/15/2015.  I voted with management 57% of the time and assigned General Electric a proxy score of 57.

View Proxy Statement. Read Warnings below. What follows are my recommendations on how to vote the General Electric Corporation 2015 proxy in order to enhance corporate governance and long-term value. Continue Reading →

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CII Issues “Best-in-Class” Board Evaluation Disclosure

Board EvaluationThis recently released CII report highlights two suggested alternative approaches to company disclosure of the board evaluation process. The suggestions are based on CII’s informal survey of its members for “best-in-class” disclosure from 2013 and 2014 proxy statements. CII acknowledges that most companies have a board self-evaluation process and disclose that fact in their proxy statements, but indicates that investors are seeking more robust disclosure.

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Immelt Stock Option Conditions – Real or Illusory Governance?

On one level, the recent action of General Electric in adding performance related conditions to the vesting of stock options recently granted to its CEO (GE Realigns Immelt’s Incentives, Barrons, 4/19/2011) would seem to reflect improvement in its governance. Tying CEO options to company performance can not be a bad thing for shareholders, so long as the performance criteria are not illusory and do not encourage aggressive accounting or a short term focus. The four year horizon for these criteria seems to make them meaningful.

However, on another level, these criteria beg the questions of what they really do for shareholders and whether they provide sufficient incentives to avoid the near-death experience caused by GE Capital in 2008-   i.e. are they an exemplar of good governance? In particular, the requirement that GE’s return on equity meet or exceed that of the S&P 500, by definition is a reward for mediocre performance. Immelt is paid a substantial salary and bonus for “base” performance, so it is unclear why simply meeting this minimum benchmark should warrant additional recognition. As a small GE shareholder desiring Continue Reading →

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