AIG Eases Bylaws on Nominating Directors

By | November 17, 2015

American International Group Inc. said it has amended its bylaws to allow some shareholders to nominate directors in the proxy statement for its annual meetings.

Under the by-law amendments, a shareholder or group of up to 20 shareholders who own at least three percent of AIG’s outstanding shares of common stock continuously for at least three years may nominate the greater of two candidates or 20 percent of the board, provided the shareholders and nominees satisfy the requirements specified in the by-laws, the company said in announcing the move.

The insurer has been under pressure by activist investors Carl Icahn and John Paulson to split into three companies. AIG CEO Peter Hancock has rejected the idea.

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