Many companies have come under scrutiny for their head-scratching behavior amidst the financial downturn, specifically those that lay-off thousands of employees while their leadership accepts ever increasing, multi-million dollar bonuses. At the same time, however, there are many companies that haven’t made as dramatic of headlines for the way their leadership has voluntarily given up annual compensation to empathize with company employees during economic hardship.

Jeff Immelt of General Electric is the most recent of the latter bunch—Immelt recently waived a $12 million bonus. This isn’t the first time that Immelt has foregone bonuses amidst GE’s current, relative slump. As the Financial Times points out, in 2002 Immelt voluntarily entered into an equity-compensation plan based on performance-based goals of the company.

The $12 million that Immelt waived was part of this performance based pay.

Commentary: Another example of how GE does things right, beginning with a strong tone from the top. These days there are too many stories of banks such as AIG, Northern Trust and others lavishly spending money after accepting bailout dollars. It’s refreshing to hear stories such as this, and follow leaders such as Immelt that consistently set the right example for others.