united states securities and exchange commission · 2009-03-25 · united states securities and...

UNITED STATES

SECURITIES AND EXCHANGE COMMISSIONWASHINGTON, D.C. 20549

DIVISION OFCORPORATION FINANCE

Mail Stop 3010

March 19, 2009

Ronald O. MuellerGibson, Dun & Crutcher LLP1050 Connecticut Avenue, NWWashigton, DC 20036-5306

RE: General Electrc Company

hicoming letter dated March 13,2009

Dear Mr. Mueller:

This is in response to your letter dated March 13,2009 concerng the shareholderproposal submitted to GE by Edward Rudy and Edith Rudy. We also have received aletter from the proponents dated March 14,2009. Our response is attached to the enclosedphotocopy of your correspondence. By doing this; we avoid having to recite orsumarze the facts set forth in the correspondence. Copies of all of the correspondenceare also wil be provided to the proponents.

hiconnection with this manner, your attention is directed to the enclosure, whichsets forth a brief discussion of the Division's informal procedures regarding shareholderproposals.

Heather L. MaplesSenior Special Counsel

Enclosures

cc: Edward RudyEdith Rudy

*** FISMA & OMB Memorandum M-07-16 ***

March 19, 2009

Response of the Office of Chief CounselDivision of Corporation Finance

Re: General Electrc Company

hicoming letter dated March 13, 2009

The proposal relates to director compensation.

There appears to be some basis for your view that GE may exclude the proposalunder rule 14a-8(e)(2) because GE received it after the deadline for submitting proposals.Accordingly, we will not recommend enforcement action to the Commission if GE omitsthe proposal from its proxy materials in reliance on rule 14a-8( e )(2).

We note that GE did not fie its statement of objections to including the proposalin its proxy materials at least 80 calendar days before the date on which it filed definitiveproxy materials as required by rule 14a-8(j)(1). Noting the circumstances of the delay, wegrant GE's request that the 80-day requirement be waived.

Sincerely,

Gregory S. BellistonSpecial Counsel

DIVSION OF CORPORATION FINANCE ,INORM PROCEDURS REGARING SHAREHOLDER PROPOSALS

The Division of Corporation Finance believes that its responsibility with respect to matters arsing under Rule 14a-8 (17 CFR 240. 14a-8), as with other matters under the praxy rules, is to aid those who must comply with the rUle by offerig informal advice and suggestionsand to determine, intially, whethei; or not it may be appropriate in a paricular matter to reconuend enforcement action to the Commssion. In connection with a shareholder proposal under Rule 14a-8, the Division's staff considers the infoi.ation fushed to itby the Company in support of its intention to exclude the proposals from the Company's proxy materials, as wellas any information fushed by the proponent or the proponent's representative.

. Although Rule 14a-8(k) does not require any communcations from shareholders to the

Commission's staff the staffwill always consider information concerng alleged violations of the statutes admstered by-the Commssion? including arguent as to whether or not activities proposed to be taken would be Violative of the statute or nile involved. The receipt by the staff

. of such inormation, however, should not be constred as changig the staff s inormal, procedures and proxy review into a formal or adversar procedure. '

It is important to note that the staffs and Commssion's no-action responses to Rile 14a-8(j) submissions reflect only informal views. The determatIons reached in these noaction letters do not and canot adjudicate the merits 'of a company's position With respect to the

proposal. Only a cour such as' a U.S. Distrct Cour can decide whether a company is obligated

, to include shareholder proposals in its pro~ymaterials. Accordigly.a discretionar ,, ,determation not to reconuend or take Commssion enforcement action,. does not preclude a proponent, or any shareholder of a company, from, pursuing any rights he or she may have against the company in Cour,. should the management oÌnt the proposal from the company's proxymaterial.

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From:.

Saturday, March 14, 2009 1 :28 PM

CHAIRMANOFFICE; ENFORCEMENT; SReilyt(gibsondunn.com;rmuellert(gibsondunn .com; Jeffrey.lmmeltt(ge.com; russell .wilkersont(ge.com;directorst(corporate.ge.com; matthew.leporet(pfizer.com;Webmastert(Pfizer.com; Jeffrey.Kindert(pfizer.com; Suzanne. Y .Rolont(Pfizer.com;Edt(EdRudy.com; debbie.wasserman.schultzt(congressnewsletter.net;Jana. Tongsont(Schwab.com; ryan .skidmoret(schwab.com; ir.contactst(corporate.ge.com;a./atourt(wsj.com; bizdayt(nytimes.com; CNNnewsroomt(CNN.com;countdownt(msnbc.com; Datelinet(NBCUN I.com; editorialt(NYtimes.com;ethicalsharest(green .net.au; eugenerobinsont(washpost.com; ibdnewst(investors.com;infot(ap.org; jducassit(miamiherald .com; jeff.coxt(nbcuni.com; Igibbst(miamiherald.com;managing-editort(nytimes.com; mark.decambret(nypost.com;michaelmillert(communitynewspapers.com; newstipst(upi.com; nightlyt(nbc.com;Paul.Tharpt(nypost.com; PowerLuncht(CNBC.com; squawkboxt(cnbc.com;weekendt(cnbc.com; winicovt(wharton .upenn.edu

Subject: 1) Pfizer and 2) General Electric proposals of Edward and Edith Rudy

Attachments: FW: Pfizer (Rudy) Supplemental Letter

Sent:

To:

To: Hon. MARY SCHAPIROChairman, SEC

OFFICE OF CHIEF COUNSELDIVISION OF CORPORATE FINANCESEC

Dear Ladies and Gentlemen:

We have on this date, 3/14/09, received notices from the law firm of Gibson, Dunn & Crutcher,representing 1) PFIZER INC and 2) GENERAL ELECTRIC COMPANY that they are requesting "exclusionfrom 2009 company proxy statement" and/or "NO-Action Request" from the SEC relative to two similarSharehólder Proposals that were submitted for inclusion in the "2009 Proxy Materials" to PFIZER INCand GENERAL ELECTRIC COMPANY.

We understand that PFIZER INCand GENERAL ELECTRIC COMPANY Chair, executives and BoardMembers would prefer not to run our proposal before their shareholders because it would require, ifpassed, that they share the burden of any dividend cuts that they have chosen to impose on theirshareholders. We believe that this is fair and equitable. \,

We have substantial holdings in both companies and our holdings have been or wil be verified byCharles Schwab. Our account number is

Our position is that the objections raised are arbitrary, capricious and inconsequential.

Please direct that these corporations run our proposal in the interest of fairness to shareholders.

Thank you.

Copies of both proposals are attached.

Sincerely yours,

DITH RUDY

3/16/2009






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,

Contact: Ed Rudy. Pfizer, Inc. Stockho

Edward Rudy and Edith Rudy, who are the holders of 7,000shares of Pfizer, Inc., common d to present the followingproposal at the Annual Meeting of Stockholders:"RESOLVED: That the stockholders of Pfizer, Inc,. assembled in annual meeting and by proxy, hereby requestthat the Board of Directors take the steps necessary to provide for an immediate reduction in stipends, fees,salaries, stock options, and/or other remuneration being paid to members of the Board of Directors, includingPfizer offcers and executives who also serve as directors, to the exact percentage reduction which has beenapproved by the Board of Directors for dividends payable to the shareholders of the corporation and, furthermore,said reduction shall not be restored or payments to all Pfizer directors increased except in the exact samepercentages as are approved for future increases in shareholder common stock dividends."

The following statement is submitted by Edward and Edith Rudy in support of the proposal:

SUPPORTING STATEMENTShareholders who are the owners of Pfizer, Inc., have been informed that they will be subjected to A dividendreduction of 50% by the Chairman of the Board, Jeffrey Kinder, and we believe that, if this drastic andunprecedented step is necessary, the Board of Directors should fully participate with the non-director shareholderowners in the trauma of this decision. It wil require a 100% increase in the drastically reduced new dividend ratefor restoration to its former leveL. We believe that the Board of Directors may look with favor upon restoring thedividend rate because, with the approval of this resolution, the directors wil benefi equally with the shareholderowners.f you agree, please mark your ballot in favor of this resolution; otherwise it is automatically cast inopposition to this shareholder proposal, unless you have indicated that you wish to abstain from voting on thisproposaL.

Contact: Ed Rudy. Pfizer, Inc. Stockhol

Edward Rudy and Edith Rudy, who are the holders of 7,000shares of Pfizer, Inc., common d to present the followingproposal at the Annual Meeting of Stockholders:"RESOLVED: That the stockholders of Pfizer, Inc,. assembled in annual meeting and by proxy, hereby requestthat the Board of Directors take the steps necessary to provide for an immediate reduction in stipends, fees,salaries, stock options, and/or other remuneration being paid to members of the Board of Directors, includingPfizer offcers and executives who also serve as directors, to the exact percentage reduction which has beenapproved by the Board of Directors for dividends payable to the shareholders of the corporation and, furthermore,said reduction shall not be restored or payments to all Pfizer directors increased except in the exact samepercentages as are approved for future increases in shareholder common stock dividends."

The following statement is submitted by Edward and Edith Rudy in support of the proposal:

SUPPORTING STATEMENTShareholders who are the owners of Pfizer, Inc., have been informed that they will be subjected to A dividendreduction of 50% by the Chairman of the Board, Jeffrey Kinder, and we believe that, if this drastic andunprecedented step is necessary, the Board of Directors should fully participate with the non-director shareholderowners in the trauma of this decision. It wil require a 100% increase in the drastically reduced new dividend ratefor restoration to its former leveL. We believe that the Board of Directors may look with favor upon restoring thedividend rate because, with the approval of this resolution, the directors wil benefi equally with the shareholderowners.f you agree, please mark your ballot in favor of this resolution; otherwise it is automatically cast inopposition to this shareholder proposal, unless you have indicated that you wish to abstain from voting on thisproposaL.

3/1612009





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3/16/2009

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Annual Meeting

and Proxy Statement

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united states securities and exchange commission · 2009-03-25 · united states securities and...

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