General Electric (GE) CEO Jeff Immelt told mutual fund executives Wednesday that their business must align itself with investor concerns and foster a performance-based culture of integrity. "Good governance has to be synonymous with good business," Immelt said at the Investment Company Institute's general membership meeting. He also stressed to the fund industry trade group the importance of a strong independent board of directors, executive compensation consistent with shareholder interests and an open, transparent corporate culture. "Culture is always the foundation of a good and great company," Immelt said.