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GE 2005 Citizenship Report GE Has a Heritage As a Performance Company

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GE 2005 Citizenship Report GE Has a Heritage As a Performance Company Our Actions GE 2005 Citizenship Report GE has a heritage as a performance company. In simple terms, this means that we set challenging growth targets and deliver on what we say we will do. We measure our progress by tracking results against our goals. We recognize that our actions speak louder than our words. Naturally, we measure our Company’s performance through forward-looking targets. GE has set a 30% GHG intensity financial results and stock price. But we also view how that reduction goal by the end of 2008, along with a 1% absolute performance is achieved in a broader context: the health, safety reduction by the end of 2012. Progress will be measured against a and opportunities for workers, the impact of our operations on 2004 baseline. We believe this report represents a significant step the environment and communities, our interaction with forward in our disclosure and transparency and look forward to governments and regulatory agencies around the world, and our engaging our stakeholders on its content. We have primarily compliance with legal and accounting rules. Our goal is to grow designed this content as a Web-based report (visit www.ge.com/ responsibly while engaging stakeholders. citizenship) and intend to keep this site updated as new issues arise, new targets are set, or new goals achieved. We have applied GE’s characteristic rigor in delivering our first Citizenship Report. This report provides a clear view of our GE has always been driven to perform and be among the best actions: our goals, measures and progress, as well as an honest at what we do. Today, in an increasingly global and transparent discussion of our challenges. You will find a myriad of metrics world, we aspire to perform against all of our citizenship measures. throughout the report, including our workplace injury and illness Every day, in businesses and countries around the world, we take rates, greenhouse gas (GHG) emissions, total energy use, and actions to align our performance ever closer with the standard of diversity profile. We are continuously re-examining our metrics what it means to be a good and trusted world citizen. to ensure they are relevant, comprehensive and allow us to set TABLE OF CONTENTS Section 1: Overview Section 6: Globalization 1.1 A Letter from Jeff Immelt, 6.1 GE Around the World 41 Chairman of the Board and CEO, 6.2 Emerging Economies 42 General Electric Company 3 6.3 Job Migration 42 1.2 About This Report 4 6.4 On Human Rights: 1.3 On Citizenship: A Letter From Ben Heineman, A Letter from Bob Corcoran, GE Senior Vice President for Law and Public Affairs 4 GE Vice President of Corporate Citizenship 43 1.4 Focus Areas 10 6.5 Human Rights 44 1.5 Business Directory 12 1.6 Stakeholders 13 Section 7: Community 7.1 Philanthropy 46 Section 2: Governance 7.2 Volunteerism 50 2.1 Board 17 7.3 Product and Service Donations 52 2.2 Governance of Citizenship 17 7.4 The Indian Ocean Tsunami 53 Section 3: Compliance Section 8: Customers, Products and Services 3.1 The Spirit & Letter 19 8.1 Customers and Markets 55 3.2 Ombudsperson Process 20 8.2 Product Use Issues 59 3.3 Legal Processes and Systems 21 8.3 R & D 61 3.4 Financial Processes and Systems 23 Section 9: Suppliers Section 4: Public Policy 24 9.1 Supply Chain Standards 64 Section 5: Environment, Health and Safety Section 10: Investors 65 5.1 Policy 27 5.2 Operating Systems 28 Section 11: Employees 5.3 EHS Tools 29 11.1 Workforce Information 67 5.4 Training and Communication 29 11.2 Employee Relations 67 5.5 Metrics to Measure Progress 30 11.3 Training and Development 71 5.6 Climate Change 35 11.4 Diversity and Inclusiveness 72 5.7 Waste 37 11.5 Privacy 74 5.8 Remedial Responsibilities 37 11.6 Work/Life Flexibility 74 5.9 Excellence Programs and External Recognition 39 Section 12: Our Commitment 75 Section 13: GRI Index 76 Section 1 Overview Dear Friends, GE is also looking at demographic trends that will create global GE’s heritage of leadership spans the terms of nine chairmen, needs and business opportunities in the years ahead. One generations of employees and decades of business transforma- compelling example is reflected in healthcare; as people across tion. We have a history of firsts in technological innovations and the world are living longer, more of them are suffering from in management practices that have influenced the way busi- diseases including Alzheimer’s, heart disease and cancer. GE has nesses grow and lead. And we are known for a performance invested in businesses that give it the scale and broad reach culture that consistently delivers results. But these accomplish- needed to transform the way medicine is practiced, and we are ments alone will not ensure our leadership in the future. Leaders developing more advanced programs that can result in much and companies that seek to continue to lead must perform with earlier diagnoses and more specifically targeted therapies. GE an unyielding integrity that earns the trust of our stakeholders — also continues to invest research and development dollars in integrity in our relations with customers and suppliers; integrity in technologies to offer greater access to and higher quality of care. our disclosure to shareholders and creditors; integrity in our products; integrity in our relationships with our employees; integrity These are cases where a lack of resources and a surge in in our compliance with legal and financial rules; and integrity in demographic trends are directing our business strategy while our interactions with regulators, media and communities. also allowing us to solve real customer problems that can contribute positively to the quality of life. To me, opportunities to GE has consistently refined and increased its citizenship efforts do business and do good are not mutually exclusive, nor are as the Company has grown. So while this report presents they less valuable for having a positive business impact. This progress in our long-standing efforts in areas such as compli- marriage of business opportunity with global need can create ance, and environmental health and safety, it also illuminates a model that our own Company and others will see as an two areas in which we believe GE can proactively and positively opportunity to deliver more than financial performance and influence the practice of business and its impact: 1) governance have a far-reaching impact. and 2) global natural resources and demographics. GE, by virtue of its products and services, and its performance, Governance: plays a vital role in both business and society. In fact, I believe Making Integrity Visible that we have the opportunity to make an impact that few Over the past few years, we have made substantial progress in companies can — in ways that improve how we live and how we our governance practices and strengthened our long-standing work. However, we are still a company working to stay competi- commitment to performance with integrity. We have substantially tive, return value to shareholders, develop our employees and increased disclosure and improved transparency, and we have make a positive difference to all of our constituents. This is never implemented controllership processes ahead of regulatory an easy balance. But I am an optimist. As a learning company, timelines. Our engaged and independent board has led the effort GE will continue to examine where we can make a difference, to align CEO and executive compensation with investor interests. and how we can improve. We are committed, to performance with integrity and to being a good global citizen. Global Resources and Demographics: Investing to Meet Future Needs By taking a broad view of fundamental global trends, including energy consumption, the growing need for more renewable energy sources, and the increasing scarcity of potable water, GE can help address important global issues while laying the founda- tion for our future growth. Our Company is developing wind Jeffrey R. Immelt and water technologies that provide renewable energy and clean Chairman of the Board water, and is developing more energy-efficient products such as and Chief Executive Officer hybrid locomotives, gas turbines and ENERGY STAR appliances. GE 2005 Citizenship Report 3 Section 1 Overview 1.2 About This 1.3 On Citizenship: A letter from Ben Heineman, Report GE Senior Vice President for Law and Public Affairs Although GE has published summary documents detailing its Good corporate citizenship has a special urgency today because performance in environmental health and safety, this report corporations need to regain and secure the trust of investors provides a more extensive view of GE’s approach to corporate and other key stakeholders. citizenship. It includes our views on globalization, our work in the community, our environmental, health and safety performance, This trust has been eroded by the string of scandals that have our approach to compliance, our products, our research and been white-hot front page news, not just business page news. development investment, our commitment to our employees The corporate checks and balances that purportedly serve the and other stakeholders, and the areas in which GE is leading public have been under withering attack, and for good reason. and those where it can improve. This report also addresses GE’s Company management, boards, accountants, lawyers, finan- worldwide operations and relates to the 2004 fiscal year. ciers, regulators, analysts and the business media have been found wanting in notorious cases. It is incumbent on corpora- The Global Reporting Initiative (GRI) 2002 Sustainability tions to demonstrate that these are not systemic problems, Reporting Guidelines have been one of a number of resources infecting free enterprise, but a discrete number of cases (still too used to inform the development of this report — a very important many) involving a few.
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