PRINCIPLES OF MANAGEMENT

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Imagination At Work

HISTORY-Thomas Edison’s Discovery Thomas Alva Edison is heralded for his genius as an inventor. Less known is his brilliance as a business pioneer. By aligning multiple businesses to bring innovation to the marketplace, he laid the path for today’s GE.

-Important years 1876 – Thomas Edison opens a laboratory. 1890 – Edison General Electric Company 1892 – Formation of General Electric.

GE & INDIA- GE installed India’s first hydropower plant in 1902. Today, all of GE’s businesses have a presence in India. It participates in a wide range of manufacturing, services and technological businesses.

-GE’s revenues in India is approximately over US$3 billion. It exports over 1 billion dollars in products and services. It employs more than 15,000 people across India.

GE & INDIA(CONTD)GE’s companies in India :

-GE Money

-GE Healthcare

-CNBC and NDTV

-GE Wind Energy

-GE Hydro Energy

-GE WIPRO Healthcare

- GE India Infrastructure

GE’s strategies in India John L. Flannery, President and CEO, GE India has listed down three major sectors that GE will focus on in India. Infrastructure - concentration on energy, oil and gas, water, rail and aviation.

Healthcare – GE believes that a lot needs to be done in this sector as various places in India do not have basic healthcare services.

Financial Services – GE has been giving financial services and support to both corporate businesses and retail businesses, i.e. , towards consumer and commercial products.

Board Of DirectorsGE’s board of directors, consisting mostly of independent directors, focuses on the areas of strategy and risk management while monitoring GE’s initiatives personally through site visits.

GE’s board of directors consist a total of 17 directors out of which 15 directors are independent. This will make for a more autonomous and effective board of directors.

Jeffrey R. Immelt is the Chairman and CEO of GE and is an integral part of the Board of Directors.

Other key people overseeing the management of theCompany are Beth Comstock, Chief marketing Officer and Keith Sherin, Chief Financial Officer

Principles of Management-Role of the Board and Management GE’s business is conducted by its employees, managers and officers under the direction of the chief executive officer(CEO), Jeffrey R. Immelt and the oversight of the Board to enhance the long-term value of the value of the company. The board of directors is elected by the shareholders to oversee the management of the company.

Both the Board of Directors and the Management of the company recognize that the long term interests of the shareowners are met by responsibly addressing the concerns other stakeholders and interested parties including employees, customers, Government and the public at large.

-Functions of Management The board of Directors of GE has at least eight scheduled meetings in a year at which it reviews and discusses the performance of the company, its plans and immediate issues facing the company.

The Board also performs a number of specific functions including - Assessing the selection, evaluation, development and compensation of senior management. - Reviewing, monitoring and approving fundamental financial and business strategies and major corporate actions. - Assessing major risks facing the company and reviewing options for their mitigation. - Ensuring processes are in place for maintaining the integrity of the company – integrity of financial statements, compliance of law and ethics, relationship with customers and other stakeholders.

-Board Committees The board has established the following committees to assist it in discharging its responsibilities - Audit committee – It oversees risks relating to financial statements and financial reporting process - Management development and compensation committee – It oversees risks relating to compensation of senior directors - Nominating and corporate governance committee – It oversees risks relating to corporate governance. - Public responsibilities committee – It oversees risks relating to public policy, the environment and similar matters

-Meetings of Non-management directors The Board will have at least three regularly scheduled meetings a year for the non-management directors without any management directors or employees present.

-Board Leadership The CEO leads the Board of Directors.

SOURCES-www.ge.com-www.google.co.in-www.ge.com/in

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