AIG Announces Additional Corporate Governance Measures.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- American International Group
American International Group, Inc. (AIG) (NYSE: AIG; TYO: 8685 ) is a major American insurance corporation based in New York City. , Inc. (AIG AIG addressee indicator group (US DoD) AIG American International Group, Inc AiG Answers in Genesis (religious group in defense of Scripture) AIG Artificial Intelligence Group AIG Australian Industry Group ) has announced that its Board of Directors has adopted two additional corporate governance Corporate Governance The relationship between all the stakeholders in a company. This includes the shareholders, directors, and management of a company, as defined by the corporate charter, bylaws, formal policy, and rule of law. guidelines. The Board adopted a Majority Voting Majority voting Voting system under which corporate shareholders vote for each director separately. Related: Cumulative voting. majority voting Guideline, requiring that director nominees in uncontested elections who receive a greater number of votes "withheld" than "for" election shall tender their resignations for consideration by the Nominating and Corporate Governance Committee of the Board. The Committee will recommend to the Board the action to be taken with respect to such resignation. The guideline also requires AIG to disclose publicly each such resignation and the related action taken by the Board. The Board of AIG also adopted a Mandatory Retirement A mandatory retirement age is the age at which persons who hold certain jobs or offices are required by statute to step down, or retire. Typically, mandatory retirement ages are justified by the argument that certain occupations are either too dangerous (military personnel) Age guideline that no director shall stand for election after reaching the age of 73. The guideline gives the Board, upon the recommendation of the Nominating and Corporate Governance Committee, the ability to waive the limitation for any director for a period of one year if deemed to be in the best interests of AIG. The Board intends that this waiver provision be used sparingly. The new corporate governance guidelines were adopted upon the recommendation of the Nominating and Corporate Governance Committee. Consistent with the new guidelines, M. Bernard Aidinoff M. Bernard Aidinoff is Senior Counsel to the firm of Sullivan & Cromwell, from which he retired as a partner on December 31, 1996. Prior to joining Sullivan & Cromwell, he served as Law Clerk to Judge Learned Hand of the United States Court of Appeals, Second Circuit. , Chairman of the Nominating and Corporate Governance Committee, has informed the Board that he does not intend to stand for election at the next annual meeting of shareholders. Mr. Aidinoff is 76 and has served as an AIG director since 1984. Frank G. Zarb, Chairman of the AIG Board of Directors stated, "On behalf of the entire Board, AIG management and our shareholders, I want to thank Bernie Aidinoff for his continuing service to AIG. He has served with distinction for more than 21 years. In particular, we want to thank Bernie and acknowledge his leadership as Chairman of the Nominating and Corporate Governance Committee in guiding AIG in establishing the basis to enable AIG to fulfill its commitment to be a leader in corporate governance. Although Bernie does not wish to stand for re-election, we are grateful that he has agreed to serve until the expiration of his term at the next annual meeting of shareholders so that AIG will have the continuing benefit of his wisdom, insight and invaluable contributions." "AIG and its Board of Directors have adopted several measures that enhance corporate governance at AIG. We will continue to consider corporate governance enhancements and adopt additional measures if it is determined to be in best interests of AIG and it shareholders." Other recently adopted corporate governance measures include a corporate governance guideline to reflect the Board's belief that at least two-thirds of the AIG Board should be independent under the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. , Inc. listing standards. The Board also adopted a corporate governance guideline and approved a change in AIG's By-laws reflecting a determination that the role of Chairman should be separate from that of the CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. and that the Chairman should be selected from the independent directors. In addition, as previously announced, Arthur Levitt continues to act as a special advisor to the Board and the Board's Nominating and Corporate Governance Committee. Martin J. Sullivan Martin J. Sullivan (born 1955 in Essex, England), is President and Chief Executive Officer of American International Group, Inc. Educated at the Sydney Russell School in Dagenham, Essex, in January 2007, he donated £50,000 to the school saying: , AIG President and Chief Executive Officer, said, "AIG is taking continuing steps to strengthen corporate governance, increase transparency and improve disclosure. We have made improvements in the processes, guidelines and By-laws governing our company, elected distinguished additional members to our Board, provided increased information in our financial statements, and have been working to build a constructive dialogue with our regulators. All of these initiatives are integral to our commitment to implement best practices and further enhance AIG's leadership role as one of the world's largest and strongest companies." American International Group, Inc. (AIG), world leaders For a list of heads of state, see . World leaders is a MMORPG. The game involves creating a state, joining an alliance and going into war. It is mostly played by players from Israel, China, USA, Britain, Brazil and Saudi-Arabia. in insurance and financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. , is the leading international insurance organization with operations in more than 130 countries and jurisdictions. AIG companies serve commercial, institutional and individual customers through the most extensive worldwide property-casualty and life insurance networks of any insurer. In addition, AIG companies are leading providers of retirement services, financial services and asset management around the world. AIG's common stock is listed in the U.S. on the New York Stock Exchange and ArcaEx, as well as the stock exchanges in London, Paris, Switzerland and Tokyo. |
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