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GE audit committee considers replacing KPMG as auditor

Tammy Whitehouse | December 17, 2018

GE’s audit committee has initiated a tender process to consider replacing KPMG as its external auditor.

The audit committee determined KPMG will serve as the company’s auditor for 2019, and the effective date of any audit appointment after that will be based on “the progress toward completing the company’s previously announced portfolio actions,” GE said in a statement.

Roughly 35 percent of GE shareholders voted in April against KPMG as the independent audit firm, after major proxy advisory firms urged shareholders to withhold support for the auditor.

The tender process “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,” said Geoff Beattie, chairman of GE’s audit committee, in a statement.


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