Monday, April 20, 2009

AIG Delays Proxy Filing to Reshuffle Its Board

The Wall Street Journal - A potential shakeup of the board of American International Group Inc. has precipitated a delay in the filing of the insurer's annual proxy statement, according to a person familiar with the matter.

The aim is to expand and reshuffle the company's 11-member board, this person said.

AIG's board has remained largely intact since the government rescued it from the brink of bankruptcy in September.

The maneuvers around the proxy illustrate the complicated oversight of AIG. Upon the rescue, the government took a nearly 80% stake in the company. The government has appointed three trustees to oversee taxpayers' stake.

Now, the American International Group board is accountable mostly to the trustees but also to the other shareholders owning a remaining stake that is slightly more than 20%.

It has been previously disclosed that three board members are expected not to stand for re-election to the board at AIG's coming annual meeting. In recent days there has been uncertainty at top levels of the company about reasons for the delay in the proxy filing, according to people familiar with the matter

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