AIG Revamps Board Rules

American International Group Inc. has taken 2 measures to tighten requirements for membership on its board of directors.[@@]

The board adopted a majority voting guideline requiring director nominees in uncontested board elections who receive a greater number of votes “withheld” than “for” election to resign, then be reviewed by a board committee. That committee would then recommend whether the board should accept the resignation.

The board also adopted a mandatory retirement age of 73 for members. The guideline allows the board to waive the requirement for up to a year for any director “if deemed to be in the best interests of AIG.”