Call to dump KPMG as GE auditors

Proxy advisory firm Institutional Shareholder Services on Thursday asked the shareholders of General Electric Co to vote against keeping accounting firm KPMG because of “concerns about GE’s previously-undisclosed liabilities and accounting practices.”

Glass Lewis generally supports a company’s auditors choice except when it believes the “auditor’s independence or audit integrity has been compromised,” according to the report.

GE in January disclosed that US securities regulators are probing insurance charges including a $US6.2 billion ($F12b) charge to increase insurance reserves and $US15b ($F30b) more in provisions for insurance policies.

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