AIG Amends Bylaws on Proxy Access for Director Nominations

American International Group Inc., the insurer pressured by activist investor Carl Icahn to split into three companies, amended its bylaws to allow certain shareholders to include director nominations in the proxy statement for annual meetings.

A shareholder or group of 20 investors, holding a total of 3 percent or more of the company’s stock for at least three years, could nominate at least two candidates to the board, New York-based AIG said Monday in a statement.

The insurer’s board “continually evaluates AIG’s corporate governance practices to be consistent with the best interests of our shareholders,” Chairman Douglas Steenland said in the statement.

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