American International Group Inc. has decided to increase its quarterly cash dividend 20%, to 15 cents per share. [@@]

AIG Chief Executive Officer Martin Sullivan announced the move this morning at the company’s annual meeting.

All 15 directors won reelection to the board.

AIG will continue to separate the chairman and CEO jobs, and it will carry out one corporate governance reform effort by adding 3 new slots for independent directors.

Sullivan paid tribute Maurice Greenberg, who was ousted by the AIG board earlier this year, for his decades of service to AIG.

Sullivan also talked about his own management philosophy.

“I have a very open approach,” Sullivan told the shareholders. “If I don’t feel I know the answer I will not be afraid to go look for it.”

Sullivan listed the softening p-c market, the flattening yield curve and the effects of recent rating downgrades on capital costs as some of the greatest challenges facing the company in the post-Greenberg era.

While refusing to comment specifically on regulatory issues, Sullivan nonetheless asserted that “this company is committed to working openly and without reservation with our regulators throughout the world.”

Some shareholders at the meeting grumbled about the company’s stock price and dividend payment rate.