GE INVESTORS OPPOSE PAY PACTS

A majority of shareholders at the General Electric Co annual general meeting rejected the pay packages for named executive officers, including CEO Larry Culp, right, whose compensation for 2020 tallied US$73.2 million. According to preliminary results, 57.7 per cent of shareholders rejected General Electric's pay packages, a strong rebuke to executives of the industrial firm, which is in the middle of a challenging turnaround. “While we are disappointed with the preliminary results of the vote, we value and respect the views of the shareholders,” the company said after the vote. “The board will take those views into the consideration as we evaluate executive compensation.” The shareholders' vote is advisory, not binding. Later in the meeting, Culp said the company has no plans to increase the dividend at this time in response to shareholder questions.