We welcomed the introduction of the Financial Reporting Council’s UK Corporate Governance Code (the Code) in 2010. One of the new
provisions of the Code is the requirement for all directors to retire each year at the Annual General Meeting (AGM) and, if they wish to continue in office, to offer themselves for election or re-election by the shareholders.
 
We complied with this provision ahead of time at our 2011 AGM and we intend to follow this practice going forward. We also conducted our second external Board evaluation this year and, in line with the Code, intend to continue to have an external evaluation every three years.
 
Throughout 2011, we complied with all other provisions of the Code, except that Larry Culp was unable to attend the AGM due to another pressing business engagement

UK Corporate Governance Code – find out more on the Financial Reporting Council website