|AIG ANNOUNCES CORPORATE GOVERNANCE INITIATIVES|
NEW YORK--April 21, 2005--The Board of Directors of American International Group, Inc. (AIG), has taken additional steps to enhance its corporate governance structure.
The Board has established two new committees: the Regulatory, Compliance and Legal Committee, and the Public Policy and Social Responsibility Committee.
In addition, AIG's Board has reconstituted its Executive Committee. Martin J. Sullivan, AIG President and Chief Executive Officer, will serve as Chairman of the Executive Committee. Also serving on the Executive Committee will be Donald P. Kanak, AIG Executive Vice Chairman and Chief Operating Officer; Frank J. Hoenemeyer, the Chairmen of the Audit Committee; M. Bernard Aidinoff, Chairman of the Nominating and Corporate Governance Committee and Marshall A. Cohen, Chairman of the Compensation Committee.
The AIG Board has also named Frank G. Zarb Interim Chairman and Lead Director. He will serve as an ex officio member of all the committees of the AIG Board, including its Executive Committee. Mr. Zarb has been a member of the Board since February 2001, and he was the Chairman of the Executive Committee of the Board from April 2002 until today's changes.
Mr. Zarb said, "AIG's Board of Directors and its new management team have been taking decisive action to resolve regulatory issues, enhance transparency and improve corporate governance. The creation of two new committees of the Board to focus on the important issues of regulation, compliance, legal matters, public policy and social responsibility is a significant positive step, as is the election to the Board today of two additional experienced and independent Directors. Now, more than two-thirds of AIG's Directors are outsiders."
American International Group, Inc. (AIG) is the world's leading international insurance and financial services organization, with operations in more than 130 countries and jurisdictions. AIG member companies serve commercial, institutional and individual customers through the most extensive worldwide property-casualty and life insurance networks of any insurer. In the United States, AIG companies are the largest underwriters of commercial and industrial insurance and AIG American General is a top-ranked life insurer. AIG's global businesses also include retirement services, financial services and asset management. AIG's financial services businesses include aircraft leasing, financial products, trading and market making. AIG's growing global consumer finance business is led in the United States by American General Finance. AIG also has one of the largest U.S. retirement services businesses through AIG SunAmerica and AIG VALIC, and is a leader in asset management for the individual and institutional markets, with specialized investment management capabilities in equities, fixed income, alternative investments and real estate. AIG's common stock is listed in the U.S. on the New York Stock Exchange and ArcaEx, as well as the stock exchanges in London, Paris, Switzerland and Tokyo.