AIG Makes It Easier for Shareholders to Nominate for Board Seats

Insurance giant American International Group Inc. on Monday said its board has amended its bylaws to let some shareholders nominate directors, joining a growing list of big companies making similar moves.

AIG's policy says a shareholder or group who own at least 3% of shares outstanding for at least three years can nominate either two candidates or 20% of the board, whichever is greater. The company's policy is similar to that of a 2010 Securities and Exchange rule that was struck down by courts.

Other companies that have made similar moves include Coca-Cola Co., Microsoft Corp., General Electric Co., Monsanto Co., Modelez International Inc. and BlackRock Inc.

Companies have increasingly adopted changes in governance that are considered more favorable to investors, with proxy-access provisions being by far the most popular—and successful—in 2015, according to Institutional Shareholder Services, the biggest U.S. proxy-advisory firm.

Shares of AIG, which have risen 8.3% so far this year, were flat after hours.

Write to Nathan Becker at [e-mail]

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(END) Dow Jones Newswires

November 16, 2015 17:15 ET (22:15 GMT)

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