The directors at Aflac Inc. have agreed to give company shareholders a say on executive pay, although the shareholders’ vote on the issue will not be binding.
The board at Aflac, Columbus, Ga., set 2009 as the effective date for adding executive compensation tables to its proxy statement. The statement will contain 3 years of data, reflecting the U.S. Securities and Exchange Commission’s new disclosure rules, the company says.
Boston Common Asset Management Inc., Boston, a large Aflac shareholder, issued a statement praising Aflac’s announcement and disclosing that it had pressed the company for more openness about executive pay.
Boston Common is “impressed with the company’s pay-for-performance philosophy and record,” says Dawn Wolfe, a Boston Common analyst.