General Electric Co. (GE) said Friday it is launching a tender process for the appointment of an independent auditor, after shareholders at this year's annual meeting offered a lukewarm ratification of KPMG. About 65% of votes were cast in favor of KPMG, "which was significantly lower" than prior years, GE said in a statement. Since the April vote, GE has sought feedback from shareholders and considered a range of options. "The plan announced today is responsive to our shareowners and balances the competing considerations about undertaking an audit firm rotation amidst the portfolio and other strategic actions that the Company is currently executing," Geoff Beattie, chairman of the audit committee, said in the statement. The audit committee has decided to reappoint KPMG for 2019, however. GE shares were down 1% premarket and have fallen 59% in 2018, while the S&P 500 has fallen 0.9%.
-Ciara Linnane; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
December 14, 2018 08:37 ET (13:37 GMT)
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