AFSCME Employees Pension Plan, Washington, presented a four-point agenda for reforms at American International Group Inc., New York, in a letter sent to 850 of AIG's largest shareholders, asking for their support. The $700 million plan of the American Federation of State, County and Municipal Employees is calling for an end to the company's litigation to block shareholder proxy access to nominating directors and a "bylaw change that would require AIG to inform shareholders of all candidates for seats on the board of directors who have substantial shareholder support."
The AFSCME agenda also calls for the AIG governance committee and lead director to consult with major shareholders and seek consensus on nominations for board members to be elected at the next annual meeting, once it is scheduled.
The plan is also seeking a bylaw amendment that would require the chairman of the AIG board to be an independent director and would require that the audit committee be restructured, comprising new members who are untainted by AIG's past practices.
The AFSCME plan has pending litigation against the company over the right of shareholders to vote on a proxy access amendment to the company's bylaws at its annual meeting.
The AFSCME plan owes 26,965 shares of AIG.
Joe Norton said AIG officials would have no comment.