Exhibit 19.1

GENERAL MILLS, INC.

Insider Trading Policy for

Directors and Officers

EXECUTIVE SUMMARY

v

Under federal securities laws, you may not buy or sell Company securities (stock or debt)

when you  have material information  about the Company  that has not been  publicly

disclosed.

v

Members of  the board of  directors (“Directors”) and  executive officers subject  to the

reporting  requirements of Section  16 of the  Securities Exchange Act (“Executive

Officers”)  of the Company are  required to pre-clear  with the Corporate Secretary’s

Office all transactions in Company securities. If there is important information about the

Company that has not been publicly announced, you may be advised that the transaction

cannot be completed at that time.

v

Directors,  officers and certain  members of the Company’s  finance and communications

organizations are subject to “blackout” periods around the release of quarterly financial

results and other ad hoc blackout periods during which they are prohibited from trading

in Company securities.

v

It  is a violation of  insider trading laws  and Company policy  if you share material

nonpublic information about the Company with friends, family members or others who do

not need  the information as  part of their work  for the Company  and they trade in

Company securities before the information is publicly disclosed.

v

You  may not hedge  or otherwise use  derivatives or other  agreements to monetize your

interest  in Company securities.  Directors and Executive  Officers may not  pledge their

Company securities. Officers who are not Executive Officers may only pledge Company

securities outside of margin accounts. You  are advised to avoid placing multi-day limit

orders covering Company securities without entering into an appropriate written trading

plan.

v

The  consequences of  violating insider trading  laws and related  Company policies are

severe  and can include  civil penalties, criminal  penalties, jail terms  and disciplinary

action.

This policy establishes guidelines for Directors and officers of General Mills, Inc. (the “Company”) to follow

when purchasing or selling Company stock or debt. These guidelines impose certain restrictions on the timing

and execution of transactions in the Company’s securities. From time to time, significant developments at the

Company may  result in further restrictions on your  ability to buy or  sell Company securities. Early planning

and the use of trading plans can help you manage your transactions within the requirements of this policy and

reduce the risk of insider trading violations.

Prohibition on Trading with Material Nonpublic Information

Background

Federal securities laws make it unlawful to buy or sell Company securities on the basis of material nonpublic

information (“inside  information”) or to  pass such information  along to another  person who engages  in such

trades (i.e., tipping). Moreover, it is unlawful to attempt to take any economic or other personal advantage of

such information.  This means that each  Director, officer and  employee who is  aware of material nonpublic

information must  not permit any  member of his or  her immediate family  living in his or  her household (a

“Family Member”), anyone acting on his or her behalf, any entity controlled by him or her, or anyone to whom

he or she has disclosed the inside information to buy or sell Company securities until the information is publicly

disclosed.

A person  who has material  nonpublic information at  the time he or  she makes a trade  in Company securities

will be deemed to have traded “based on” such information even if the inside information was not a significant

or determining  factor in his or  her decision to  buy or sell the  securities. Therefore, you  must not trade in

Company securities anytime you are aware of material nonpublic information.

Transactions in Company securities will be viewed by regulators with the benefit of hindsight. Before engaging

in any  transactions in Company  securities, you should  carefully consider how  regulators might view your

trading in hindsight.

If you trade in Company securities while in possession of inside information, then you may be subject to private

lawsuits and  civil and criminal  proceedings by the  Securities and Exchange  Commission (the “SEC”). The

potential civil  and criminal penalties  for insider trading  can be severe.  Violations of the  Company’s insider

trading policies may also result in disciplinary action, including termination.

Providing Inside Information to Others

Company policy prohibits you from disclosing Company proprietary information to others except as permitted

by the  Company’s Information Protection  and Classification Standard.  If you provide  material nonpublic

information to  others who subsequently  trade in Company  securities, then both  you and the  recipient of such

information can potentially be held liable for violating insider trading laws.

Material Information

Information is  deemed “material” when  there is a  substantial likelihood that  a reasonable investor would

consider the information important in deciding whether to buy, hold or sell securities. In short, any information

that could  reasonably affect the  price of Company  securities is material.  Some examples of Company

information that may be material are:

●

Earnings forecasts or results;

●

Significant mergers, acquisitions, divestitures or joint ventures;

●

Changes in dividend policy;

●

Significant actual or threatened litigation or governmental investigations;

●

Significant labor disputes or plant shutdowns;

●

Senior management changes;

●

Significant product recalls;

●

Significant marketing changes or price changes on major products;

●

Securities offerings, stock splits or significant borrowings; and

●

Severe financial liquidity problems.

Nonpublic Information

Information is “nonpublic” until (i) it has been disclosed by the Company to the marketplace through a major

newswire service or a filing with the SEC and (ii) adequate time has passed for the information to be absorbed

by investors. Information is considered nonpublic for one full trading day after the Company has disclosed it.

Pre-clearance of Transactions

If you  are a Director or  Executive Officer, you  must pre-clear with  the Corporate Secretary’s  Office every

transaction involving Company securities by you, your Family Members and an entity or trust in which you or

your Family Members have an interest or control. Pre-clearance is required to determine whether there are any

restrictions on  engaging in the  transaction at that  time and will help  you avoid the  appearance of trading on

inside information.  Pre-clearance will also  trigger the process  to assure compliance  with applicable SEC

reporting obligations (Section 16 and Rule 144) and help you avoid inadvertently engaging in a “short swing”

transaction (buying or selling a Company security within six months of an “opposite way” transaction).

The pre-clearance  obligations apply to  all transactions in  Company securities, including open-market

transactions, exercises  of stock options,  transactions in the  Company’s 401(k), Deferred  Compensation and

Supplemental Savings  Plans (except for  Exempt Transactions discussed  below), and gifts.  Directors and

Executive Officers  must also pre-clear  the establishment of  any Rule 10b5-1  trading plan covering Company

securities.

If the  Corporate Secretary’s Office  advises you that a  transaction in Company securities may occur,  then you

may proceed  with the proposed  transaction so long  as it occurs by  the end of the  next trading day  after you

receive the response. If the Corporate Secretary’s Office advises you that the transaction may not  occur, you

may not  proceed with the  proposed transaction. You  should keep any  such response confidential  to avoid

signaling to  others (including brokers  and financial planners)  that a material  event may have  occurred. It is

therefore important that you pre-clear any proposed transaction before discussing it with your broker. Advance

planning and  the use of  approved trading plans  can reduce the  potential that you  will be prevented from

completing your proposed transaction. This can be particularly important for time sensitive transactions such as

broker assisted cashless exercises of expiring stock options.

Planning the Timing of Your Transactions

Blackout Periods

Company policy  prohibits Directors, officers  and certain members  of the Company’s  finance and

communications organizations from trading in Company securities starting the Monday before the end of each

fiscal quarter until one full trading day after the Company publicly announces financial results for the preceding

fiscal quarter.  You will receive a  quarterly memorandum from  the Corporate Secretary’s  Office if you are

subject to these trading restrictions. The Company may also impose trading restrictions in other circumstances

(i.e., intra-quarter  changes in earnings  guidance, acquisition or  disposition activity, etc.)  when material

nonpublic information  is known within  the Company. You  must not disclose  the imposition of  any ad hoc

trading restrictions to others (including brokers and financial planners) to avoid signaling that a material event

may have occurred.

Even if you are not subject to any trading restrictions, you must refrain from trading in Company securities if

you possess material nonpublic information.

Rule 10b5-1 Trading Plans

Purchases or sales of Company securities that are made pursuant to an approved Rule 10b5-1 trading plan are

not subject  to (i) the  prohibition on trading  when you have  inside information, (ii)  the restriction on trading

during blackout periods or (iii) the trading pre-clearance procedures contained in this policy.

When properly drafted and implemented, a Rule 10b5-1 trading plan protects you from insider trading liability

under the  federal securities laws.  A Rule 10b5-1  trading plan must  be entered into  with a broker at  a time

(outside of  a blackout period)  when you are not  aware of material  nonpublic information. 

A

Rule 10b5-1

trading plan executed by a Director or Executive Officer must prohibit trades from occurring until the later of (i)

90 days after the plan is adopted and (ii) two business days after the 10-Q or 10-K is filed by the Company for

the fiscal quarter in which the plan is adopted (not to exceed 120 days). A Rule 10b5-1 trading plan executed

by any officer other than an Executive Officer must prohibit trades from occurring until 30 days after the plan is

adopted. Once  the plan is  adopted, you must  not exercise any  influence over the  amount of securities  to be

traded, the price at which securities are to be traded or the dates of trades. The plan must be in writing and must

either specify  (including by formula)  the amount, pricing  and timing of  transactions in advance  or delegate

discretion on those matters to an independent third party.

SEC rules impose several other restrictions on Rule 10b5-1 trading plans, including the following:

●

A person generally may only have one active plan at any time (no overlapping plans);

●

A person may only have one single-trade plan in any 12-month period;

●

A person must act in good faith with respect to the plan; and

●

The plan trading delay discussed in the foregoing paragraph must be observed in connection with most

plan modifications.

All Rule  10b5-1 trading plans  adopted or amended  by Directors and  Executive Officers must  be approved in

advance by the Corporate Secretary’s Office .

Securities and Transactions Covered by this Policy

Company Granted Stock Options

Even if  you possess material  nonpublic information, you  may exercise stock  options granted to  you by the

Company, but  you must hold the  shares received upon  such exercise until  the inside information  is publicly

disclosed. Stock option exercises are not covered by insider trading laws because no third-party is involved in a

purchase or sale of the shares of stock. You may also pay the exercise price of, and withholding taxes related

to, a  stock option with previously owned shares  of Company stock  while in possession  of inside information. 

However,  you may not engage  in a broker  assisted cashless option  exercise while in  possession of inside

information because this results in an open market sale of Company stock to fund the payment of the exercise

price.

401(k) Savings Plan, Supplemental Savings Plan and Deferred Compensation Plan

The restrictions  in this policy do  not apply to  regularly scheduled purchases  of Company stock in  the

Company’s 401(k)  Savings Plan, Supplemental  Savings Plan or  Deferred Compensation Plan  resulting from

periodic contributions  pursuant to your  payroll deduction election  or Company contributions (“Exempt

Transactions”). The restrictions in this policy do apply to the following transactions in the Company’s 401(k)

Savings Plan, Supplemental Savings Plan and Deferred Compensation Plan:

●

Increases in the amount you elect to apply to the purchase of Company stock (including the Company

Stock Fund and ESOP funds);

●

Intra-plan transfers into or out of any investment in Company stock;

●

Elections  to borrow money  against your 401(k)  plan account if  the loan will  result in a  liquidation of

some or all of your investment in Company stock; and

●

Elections to prepay a loan in your 401(k) plan account if the prepayment will result in a change in your

investment in Company stock.

Prohibited Transactions

Company policy prohibits you from:

●

engaging in “short sales” of Company securities (i.e., borrowing securities for sale);

●

writing options covering Company securities (i.e., puts and calls); and

●

hedging  or otherwise monetizing  (using exchange trusts,  prepaid variable forwards,  equity swaps,

forwards or any other derivative instruments) your interest in Company securities.

Directors and  Executive Officers are  also prohibited from  pledging Company securities  as collateral for any

loan. Officers  who are not  Executive Officers may  only pledge Company  securities as collateral  for loans

outside of margin accounts.

Standing Orders

You should  avoid placing multi-day  standing orders to  buy or sell  Company securities at  a particular price

because these  can be triggered  when you are in  possession of inside  information. You may  avoid these

concerns by  establishing a formal  written Rule 10b5-1  trading plan with  your broker. Standing  limit orders

must be cancelled before the start of every trading blackout period.

Gifts

Gifts of Company securities are not permitted during blackout periods, or when a Director or officer is aware of

material non-public information, if the donor knows, or should know, that the recipient will sell the securities

before any  material non-public information  is disclosed. All  gifts of Company  securities by Directors and

Executive Officers are subject to the pre-clearance requirements in this policy.

Transferring Securities

If you transfer Company securities between accounts within the same brokerage firm or between two different

brokerage firms, you must determine whether any fractional shares held in the account will be liquidated at the

time of transfer. If fractional Company securities will be liquidated at the time of transfer, you must treat the

transaction as an open market sale and adhere to the requirements of this policy with respect to such transaction.

Securities of Other Companies

You may not trade or recommend that others trade in the securities of another company if, in the course of your

employment, you learn confidential information about the other company that is likely to affect the value of its

securities. This information must be kept confidential and should only be shared with others on a need-to-know

basis in compliance with Company policies.

Questions

If you  have any doubts as  to your responsibilities  under this policy,  seek clarification and  guidance from the

Corporate Secretary’s  Office before you  act. For issues  or questions related  to this policy, or  to pre-clear

transactions, contact  Karen Wilson Thissen  (763-764-2455), Ben Backberg  (763-764-4593) or Chris Rauschl

(763-293-3974).

GENERAL  MILLS POLICY

CP-15 Insider Trading

SCOPE

:

 Global

PURPOSE

Securities laws prohibit employees from trading Company stock when they have material, non-public information

about the Company. To ensure compliance with applicable laws, and to protect the Company’s reputation, the

Company has adopted rules governing trading in Company stock. 

RESPONSIBILITIES  AND REQUIREMENTS

1.

An employee may not trade Company stock when he or she has material, non-public (“inside”) information

about the Company. 

o

Information is considered “material” if a reasonable investor would consider it important in making a

decision to buy, hold or sell stock. Examples of material information include dividend actions,

financial results or projections, acquisitions or dispositions of businesses, major new product

innovations, significant research advances, senior management changes, significant price changes on

major products, product recalls, major plant shutdowns and major marketing changes.

o

Information is considered “public” one full trading day after it has received wide dissemination in the

press. 

2.

 An employee must prevent family members living in the employee’s household from trading Company stock

when the employee has inside information about the Company.

3.

An employee may not trade in the securities of other public companies (for example, a General Mills supplier

or customer) about which the employee learns material, non-public information through his or her employment

with the Company.

4.

Company policy prohibits the sharing of non-public Company information with others in the absence of a

legitimate business purpose and an appropriate confidentiality arrangement. An employee may violate insider

trading laws if he or she shares material, non-public information about the Company with someone who

subsequently trades in Company stock.

5.

An employee may never (whether or not the employee has inside information) engage in a short sale of, or a

transaction involving exchange-traded options (i.e. puts or calls) on, Company stock.

6.

Officers and members of the Board of Directors of the Company are subject to additional restrictions on trading

Company stock, which are included in the Insider Trading Policy for Directors and Officers.

RAISE  A QUESTION/REPORT A  VIOLATION 

Contact Ethics & Compliance at 763-764-6693 or

ethics@genmills.com

 for questions on this policy.

If you know of or suspect a violation of this policy, contact Ethics & Compliance at

ethics@genmills.com

 or 763-764-

6693.  You can also raise questions or make a report through the Ethics Line at

www.generalmillsethics.com

or call

toll-free 1-800-210-2878. Dialing instructions for locations outside the U.S. are available at the

www.generalmillsethics.com

 site. The Ethics Line allows you to remain anonymous (where allowed by law). General

Mills prohibits retaliation for good faith reports of suspected misconduct.