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.
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.)
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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