American International Group, Inc. announced that its board of directors has adopted two additional corporate governance guidelines.
The board adopted a 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 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 also adopted a Mandatory Retirement Age guideline that no director shall stand for election after reaching the age of 73. The guideline gives the board 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.
Consistent with the new guidelines, M. Bernard Aidinoff, 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. Aidinoff is 76 and has served as an AIG director since 1984.
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