General Electric Co. must allow shareholders to vote on a proposal that would limit the terms of two of its longest-serving board members, the Securities and Exchange Commission has ruled.
That plan would bar independent directors elected from 1998 to 2013 from running again after serving 15 years, according to correspondence with the SEC in which GE sought to block the vote. Former Avon Products Inc. Chief Executive Officer Andrea Jung and Young & Rubicam Inc. ex-CEO Ann Fudge would be the first to feel its effects, GE said.
“The proposal is a thinly veiled attempt to question the competence and business judgment of Ms. Jung and Ms. Fudge, and to remove them from the board” in violation of SEC rules, Ronald Mueller, an attorney for Fairfield, Connecticut-based GE at Gibson Dunn & Crutcher LLP, wrote in a letter to regulators.
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