GE announced that the Audit Committee of its Board of Directors will move forward with a tender process for the appointment as GE's independent audit firm. The effective date for the audit firm appointment following that process will be based on the progress toward completing the Company's previously announced portfolio actions. The Audit Committee has determined to reappoint KPMG LLP (KPMG) as GE's auditor for 2019.
The announcement follows the annual auditor ratification vote at GE's shareowner meeting in April2018, which was significantly lower than prior years with approximately 65% of the votes cast in favor of ratifying KPMG's appointment as GE's auditor for 2018. Since the ratification vote, the Audit Committee has sought feedback from GE shareowners and considered a range of options in response.
GE Audit Committee Chairman Geoff Beattie said, "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."
The Audit Committee plans to provide additional details about its deliberations and the response to the 2018 auditor ratification vote in the Company's proxy statement that will be filed in March 2019.
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