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Essay / CORPORATE GOVERNANCE AT GENERAL ELECTRIC - 1957
GENERAL ELECTRICGE is an American national conglomerate established in Schenectady, New York, with headquarters in Fairfield, Connecticut, United States. The company has 11 business units that should be considered primary, from technology to services. Their vision was “we bring good things to life” and their mission is “passionate, curious, resourceful, responsible, team working, committed, open, energizing, always with unwavering integrity”. Bringing these big ideas of vision and mission to life requires not only a strong culture, but also a clear strategy. GE's strategy has 4 points in which it clearly indicates its strategy: • “Be Global”, maintaining a strong local presence. in and around the world.• “Drive Innovation” means focusing on R&D and leadership in technology and science.• “Building Relationships” means continually developing their relationships with customers and partners around the world ( because we cannot survive alone).• Need to “leverage strengths”, which means using whatever is available in terms of size, expertise, financial capacity as well as brand. The organizational structure as of February 2011 is as follows: A set of guiding principles presented below are approved by the board of directors, their audits and the key board practices on the basis of which the GE framework has been defined as principles of governance. They also decided to review the framework on an annual basis and more often if necessary. Role, functions and qualification of the board of directors and management The business is managed by its employees, managers and officers, under the supervision of the CEO. The supervision was carried out in order to enhance the company's mission for the benefit of shareholders...... middle of paper ......d in Form 8-k which was filed with SEC.IMPACT ON COMPENSATION FOR MISCONDUCT CONDUCT If the board of directors finds that a manager is involved in conduct detrimental to the company, the board of directors takes measures regarding his conduct so as to prevent this from happening. reproduces. Actions are taken depending on the fault situation, in some cases even dismissal can be taken as a measure. If there are issues regarding the manipulation of financial data that leads to fraud, they ask for their money back. They would benefit from additional remedies which do not conflict with those imposed on them by the police or any other authority.. 343 420 420 363 516 786