AIG Files Delayed Annual Proxy Statement; Greenberg Tallied $8 Million in Bonuses

June 28, 2005

American International Group Inc. has filed its delayed annual proxy with the Securities and Exchange Commission and set the date of its annual meeting for Thursday, Aug. 11.

The company also said in the document filed late Monday that a new employment agreement has been finalized with Martin Sullivan, who was chosen as president and chief executive officer after the resignation in March of longtime CEO Maurice “Hank” Greenberg. Sullivan will reportedly receive a salary of $1 million a year, along with a number of bonuses.

Last year, Greenberg reportedly earned $1 million in salary and $8 million in bonuses, along with receiving a number of stock options. According to the proxy, Sullivan recorded a salary of $775,000 in 2004 and received a bonus of $830,000.

The company reported that salaries were placed at $800,000 a year for Donald Kanak, executive vice chairman and chief operating officer, and $750,000 yearly for Steven Bensinger, executive vice president and chief financial officer.

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