AIG Makes It Easier for Shareholders to Nominate for Board Seats
November 16 2015 - 5:30PM
Dow Jones News
Insurance giant American International Group Inc. on Monday said
its board has amended its bylaws to let some shareholders nominate
directors, joining a growing list of big companies making similar
moves.
AIG's policy says a shareholder or group who own at least 3% of
shares outstanding for at least three years can nominate either two
candidates or 20% of the board, whichever is greater. The company's
policy is similar to that of a 2010 Securities and Exchange rule
that was struck down by courts.
Other companies that have made similar moves include Coca-Cola
Co., Microsoft Corp., General Electric Co., Monsanto Co., Modelez
International Inc. and BlackRock Inc.
Companies have increasingly adopted changes in governance that
are considered more favorable to investors, with proxy-access
provisions being by far the most popular—and successful—in 2015,
according to Institutional Shareholder Services, the biggest U.S.
proxy-advisory firm.
Shares of AIG, which have risen 8.3% so far this year, were flat
after hours.
Write to Nathan Becker at nathan.becker@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
November 16, 2015 17:15 ET (22:15 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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