GE planning tender process for independent auditor

|By:, SA News Editor

General Electric (NYSE:GE) says it will launch a tender process for the appointment of an independent audit firm, even as its audit committee says it would reappoint KPMG as auditor for 2019.

The move follows the annual auditor ratification vote at GE’s shareowner meeting in April, which the company says was "significantly lower" than prior years with ~65% of the votes cast in favor of ratifying KPMG’s appointment as GE’s auditor for 2018.

GE says the plan "balances the competing considerations about undertaking an audit firm rotation amidst the portfolio and other strategic actions that the company is currently executing."

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