The U.S. Securities and Exchange Commission and American International Group Inc. recently exchanged letters about AIG’s announcement of the hiring of a new chief executive officer.
Jeffrey Riedler, an assistant director at the SEC, wrote to AIG, New York, Aug. 4 to ask the company whether it had disclosed everything it should have disclosed when it announced in a Form 8-K filed Aug. 4 that Robert Benmosche was succeeding Edward Liddy as AIG’s CEO.
Please understand that the purpose of our review process is to assist you in your compliance with the applicable disclosure requirements and to enhance the overall disclosure in your filing,” Riedler writes.
Later, Riedler asks AIG to “provide, in writing, a statement from the company acknowledging that: the company is responsible for the adequacy and accuracy of the disclosure in the filing; staff comments or changes to disclosure in response to staff comments do not foreclose the commission from taking any action with respect to the filing; and the company may not assert staff comments as a defense in any proceeding initiated by the commission or any person under the federal securities laws of the United States.”
Kathleen Shannon, AIG’s deputy general, wrote back to say that AIG left some information, such as compensation information, out of the 8-K, because, on Aug. 4, “AIG had not entered into any plan, contract or arrangement with Mr. Benmosche.”
“We have completed our review of your Form 8-K filed August 4, 2009 and have no further comments at this time,” Riedler wrote to AIG Aug. 18.
AIG has posted the letters in the SEC’s securities documents database along with other company filings.