GE Adopts Policy on Forcing Out Directors
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From Bloomberg News
General Electric Co. adopted a provision that would make it easier for shareholders to force out directors in corporate governance disputes.
Directors standing for reelection must offer to resign if more than half of shareholders withhold their votes, General Electric said.
The board would be required to accept the resignation except for a “compelling” reason.
General Electric joins more than 25 companies including Walt Disney Co. and Pfizer Inc. in adopting such policies.
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