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May 20, 2009 at 08:00 PM
New independent directors will soon hold a majority of the seats on the American International Group Inc. board.
AIG, New York, says it is adding 6 seats to the board and naming outsiders to fill the new seats.
New and returning director nominees will stand for election June 30 at the AIG annual shareholders meeting, and the new independent directors should end up holding more than half of the seats, AIG says.
The AIG board selected the nominees together with the three trustees of the AIG Credit Facility Trust, the entity which is overseeing the government’s 79.9% interest in AIG, according to AIG Chairman Edward Liddy.
Douglas Foshee, a trustee, testified last week that the trustees had recommended that AIG nominate 5 new independent directors.
Adding independent directors to the AIG board will help “AIG achieve its goals of maximizing the value of AIG’s core businesses and repaying U.S. taxpayers,” Liddy says in a statement. “The AIG board will continue its commitment to responsible governance practices and the protection of the interests of shareholders, policyholders and other stakeholders.”
The new nominees are:
