American International Group Inc., the beleaguered carrier thatrecently revealed $3.9 billion earnings inflation for the pastfive-year period, announced its board has adopted measures toimprove corporate governance structures.

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AIG said its board of directors has approved changes in AIG'sbylaws and governance guidelines that would require the boardchairman and at least two-thirds of the directors to be independentunder New York Stock Exchange listing standards. (The NYSEstandards can be found atwww.aigcorporate.com/corpsite/PDF/indstandards2005v2.pdf.)

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According to AIG spokesman Joe Norton, these bylaws will notprompt any shakeup in the present board, since the currentnon-executive chairman, Frank Zarb, as well as two-thirds of theboard, is already considered independent. The changed bylaws aredesigned to put AIG's new corporate governance practices formallyin writing, Mr. Norton said.

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The New York-based insurance giant will have its 2005 annualmeeting of shareholders Aug. 11 at its New York headquarters.

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