American International Group, Inc. (NYSE: AIG) today announced that its Board of Directors has amended AIG’s By-laws, enabling eligible shareholders to include their own director nominees in AIG’s proxy statement for its annual meeting. The Board proactively adopted these amendments, reflecting its strong commitment to corporate governance best practices.
“We are pleased to enact proxy access for our shareholders,” said Douglas M. Steenland, Non-Executive Chairman of the Board of AIG. “The AIG Board remains committed to strong corporate governance and continually evaluates AIG’s corporate governance practices to be consistent with the best interests of our shareholders.”
Under the By-law amendments, a shareholder or group of up to 20 shareholders who own at least 3% of AIG’s outstanding shares of Common Stock continuously for at least three years may nominate the greater of two candidates or 20% of the Board, provided the shareholders and nominees satisfy the requirements specified in the By-laws.