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General Electric Co., Annual Financial The GE Board held 15 meetings during Board members focus on the areas that are important to 2011, including three meetings of the shoreowners-strotegy, risk management, leadership development and regulatory and compliance matters. In 2011, they received non-management directors of the Board. briefings on a variety of issues, including capital allocation and Each outside Board member is expected to business development, risk management, technology excellence, visit at least two GE businesses without the regulatory trends, social cost, capital market trends, service involvement of corporate management contract performance, political contributions and lobbying activities, and GE's branding, marketing and operating initiatives. in order to develop his or her own feel for At the end of the year, the Board and each of its committees the Company. conducted a thorough self-evaluation. Rochelle B. Lazarus " Sam Nunn'.' James S. TischI James 1. Cash, Jr. ''- Chairman of the Board and former Co-Chairman and Chief Executive Officer, President and Chief Executive Officer, Emeritus James E. Robison Chief Executive Officer, Ogilvy & Mother Nuclear Threat Initiative, Washington, D.C. Loews Corporation, diversified holding Professor of Business Administration, Worldwide, global marketing Director since 1997. company, New York, New York. Harvard Graduate School of Business, communications company, Director since 2010. Boston, Massachusetts. Andrea Jung "3 New York, New York. Director since 2000. Director since 1997. Chairman of the Board and Susan Hockfield" Robert W. Lone'I Chief Executive Officer, Avon Products, Inc., President, Massachusetts Institute Jeffrey R. Immelt' Farmer Chairman of the Board and beauty products, New York, New York. of Technology, Cambridge, Massachusetts. Chairman of the Board and Chief Chief Executive Officer, Deere & Company. Director since 1998. Director since 2006. Executive Officer, General Electric agricultural, construction and forestry Company, Fairfield, Connecticut. Ann M. Fudge* James J. Mulvo " equipment. Moline, Illinois. Director since 2000. Former Chairman of the Board and Chairman of the Board and Chief Executive Director since 2005. (pictured on page I) Chief Executive Officer, Young &Rubicam Officer, ConocoPhillips, international. Alan G. IA.G.) Lafley" Brands, global marketing communications integrated energy company, Former Chairman of the Board and network, New York, New York. Houston, Texas. Director since 2008. 1 Audit Committee Chief Executive Officer, Procter & Gamble Director since 1999. 2 Management Development and Company, personal and household Douglas A. Warner III Compensation Committee products. Cincinnati, Ohio. Ralph S. Larsen '". Former Chairman of the Board, J.P. Morgan 3 Nominating and Corporate Director since 2002. Former Chairman of the Board and Chief Chase & Co., The Chose Manhattan Bank, Governance Committee Executive Officer, Johnson & Johnson, and Morgan Guaranty Trust Company. 4 Public Responsibilities Committee Roger S. Penske' pharmaceutical, medical and consumer investment banking, New York, New York. 5 Risk Committee Chairman of the Board, Penske Corporation. products, New Brunswick, New Jersey. Director since 1992. 6 Presiding Director diversified transportation company, Director since 2002. and Penske Truck Leasing Corporation, Robert J. Swieringa Chairman of the Board and Chief Executive W. Geoffrey Beattie'' Professor of Accounting and former Officer. Penske Automotive Group, Inc., President, The Woodbridge Company Anne and Elmer Lindseth Dean, Johnson Limited. Toronto, automotive retailer, Detroit, Michigan. Canada. Graduate School of Management, Director since 1994. Director since 2009 Cornell University, Ithaca, New York. Director since 2002. GE2011 ANNUAL REPORT 29 TO OUR SHAREOWNERS As Presiding Director and Chair of the Management long- and short-term incentives, we reward our Development and Compensation Committee of executives' discipline in consistently making GE's Board of Directors, I write each year to smart decisions over the course of their careers share our perspective on how GE measures at GE. We particularly value those individuals performance, how we motivate and reward our who have the good judgment and ability to executives, and how we work to align both balance risk and return and deliver long-term performance measurement and compensation results for shareowners. with the interests of our shareowners. This year, At the same time, we do not ignore annual I will focus on three areas: first, how the theme performance, because we understand that if we of our annual report, GE Works, fits with our don't turn in good short-term performance, governing philosophy and why we believe it there won't be a long term. We evaluate annual provides an important business-building performance both in terms of executing on long- advantage; second, our commitment to developing term strategies and in meeting specific annual leaders; and finally, executive compensation. objectives. What is critical to note, however, is At its heart, the Board believes GE Works is about that because we take the long view, good years GE's most valuable asset: its people. It provides a do not result in outsized payouts. valuable platform for the Company to talk about its defining culture and to tell the story of the impact our people make around the world. Furthermore, it serves as a powerful reminder that GE works to deliver shareholder value by offering real and sustainable solutions to the world's toughest problems. It is a fitting way to talk about the Company, because GE has always taken a long-term view. Through its more than 130-year history, the Company has successfully weathered many economic cycles. GE has done this over and over again by fostering innovation, making smart investments, and, of course, hiring and training Similarly, in off years, compensation appropriately considers the current year's performance, but also disciplined leaders who focus on achieving our aligns it in the context of long-term performance. long-term strategies. Furthermore, we measure executives contribu- Developing leaders has always been a hallmark of tions to the Company's overall performance rather the Company, reflecting a commitment to than focusing only on their individual business meritocracy and a belief that when one person or function. We reward sustained financial grows and improves, all may grow and improve- and operating performance and leadership that together, we all rise. The collaborative, excellence. In short, we use a balanced approach, evolutionary nature of GE's leadership culture one that enables us to attract and retain the best inspires many of our top executives to spend most people for the Company's long-term success. or all of their careers here. This provides the All our investors should know that the directors of Company with unparalleled domain expertise; it GE remain committed to working on your behalf. also creates an environment of loyalty where our And we will continue to take seriously our role in leaders are deeply invested in and committed to ensuring that GE has the right strategies and the the Company. Today, GE's senior management, right people to help make the world work better. under the exceptional leadership of Jeff Immelt, is a proven team that we believe is among the best Sincerely, in the world. Our compensation programs are designed and operate to support our leadership culture and long-term emphasis, They are not formula-driven, Ralph S. Larsen Presiding Director nor do we reward our executives for taking outsized risks that produce short-term gains. February 24, 2D12 Instead, with a mix of cash and equity and 30 GE 2011 ANNUALREPORT FINANCIAL SECTION Contents 32 Managem ent's Discussion of Financial Responsibility ............................ We begin with a letter from our Chief Executive and Financial Officers discussing our unyielding commitment to rigorous oversight, control- lership, informative disclosure and visibility to investors. 32 Management's Annual Report on Internal Control Over Financial Reporting ...................................................................................... In this report our Chief Executive and Financial Officers provide their assessment of the effectiveness of our internal control over financial reporting. 33 Report of Independent Registered Public Accounting Firm .................. Our independent auditors, KPMG LLP, express their opinions on our financial statements and our internal control over financial reporting. 34 Management's Discussion and Analysis (MD&A) 34 Operations ........................................................................................................... We begin the Operations section of MD&A with an overview of our earnings, including a perspective on how the global economic environment has affected our businesses over the last three years. We then discuss various key operating results for GE industrial (GE) and financial services (GECS). Because of the fundamental differences in these businesses, reviewing certain information separately for GE and GECS offers a more meaningful analysis. Next we provide a description of our global risk management process. Our discussion of segment results includes quantitative and qualitative disclosure about the factors affecting segment revenues and profits, and the effects of recent acquisitions, dispositions and significant trans- actions. We conclude the Operations section with an overview of our operations from a geographic perspective
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