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Corporate Responsibility at GE?

Discussion in 'TUG Lounge' started by Talent312, Mar 13, 2018.

  1. Talent312

    Talent312 Tug Review Crew: Rookie TUG Member

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    https://finance.yahoo.com/news/gene...ive-bonuses-first-time-004427878--sector.html

    General Electric axes top-executive bonuses for first time
    Reuters - March 12, 2018

    NEW YORK (Reuters) - General Electric Co last year eliminated bonuses for its senior managers for the first time in its 126-year history, saving millions of dollars after losing money in 2017, the industrial conglomerate said on Monday.

    All but one of its top executives did not receive a bonus, the company said. The changes led to steep declines in compensation and reflected the company's poor results in 2017, according to the company's annual proxy.
    ...

    "We are holding leaders accountable for performance," GE said in the proxy, noting operating profit fell 11 percent and that the amount in its bonus pool fell 75 percent. GE reported a net loss of 72 cents a share last year.
     
  2. Bucky

    Bucky TUG Member

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    About time. It’s been nothing but downhill ever since Jack Welch retired.
     
  3. geekette

    geekette Guest

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    Seems like the right thing to do. Too many golden parachutes for execs that fail and juicy annual bonuses when they don't fail quite obviously enough. It would hardly be punishment to run a company into the ground and exit with slightly less million$$ than had I been successful.
     
  4. am1

    am1 TUG Member

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    I agree. But good luck attracting people who can right the ship. Or keep people who are valuable even if the company itself lost money.
     
  5. Talent312

    Talent312 Tug Review Crew: Rookie TUG Member

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    Contrast GE with this corporate irresponsibility:
    Well-Fargo's CEO's pay+bonuses up 35%.
    https://finance.yahoo.com/news/wells-fargo-ceos-2017-pay-221454886.html

    March 14 (Reuters) - Wells Fargo CEO Tim Sloan's made $17.6 million in 2017, up 35 percent from the previous year... The third-largest U.S. bank is looking to rebuild its reputation following a 2016 scandal that involved thousands of Wells Fargo employees opening perhaps millions of unauthorized customer accounts. Earlier this month, Wells Fargo said it was examining its wealth and investment management business for possible customer abuse, including overcharging and inappropriate referrals, after inquiries from government agencies.
    .
     
    klpca likes this.

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