NU Online News Service, May 11, 8:10 p.m. EDT–A major employees pension plan whose stake in American International Group has suffered losses in the wake of accounting probes has called on the beleaguered insurer to give shareholders more control in nominating board members.
The call for reform was issued by the American Federation of State, County and Municipal Employees (AFSCME) Pension Plan, which has $700 million in assets and owns 26,965 shares of AIG.
Gerald McEntee, chairman of the AFSCME Plan, said that AIG's case proves "shareholders==the true owners of the company==need the power to nominate directors where boards have failed."
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