In Stunning Rebuke, GE Shareholders Show Auditor Ratification Is Not Always A Routine Matter – Corporate/Commercial Law – United States

On April 25, shareholders of General Electric Company (GE) approved KPMG LLP as the company’s auditor for another year, but only by a margin of 65 percent “for” to 35 percent “against.” According to data from consulting firm Audit Analytics as reported by The Wall Street Journal, this represents “one of the highest levels of shareholder opposition to an auditor at any company in recent years.” To further put the GE vote in context, consider another data point from Audit Analytics: “In more than 15,000 shareholder votes to ratify auditors at public companies from 2013 to 2017, there were only 22 cases, less than 0.2 percent, in which more than 25 percent of shareholders were opposed.”

Source: In Stunning Rebuke, GE Shareholders Show Auditor Ratification Is Not Always A Routine Matter – Corporate/Commercial Law – United States

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