NEW YORK (Reuters) – American International Group Inc shareholders should vote against compensation packages for top executives at the insurer’s annual meeting next week, according to two advisory firms that hold sway over investor votes.
FILE PHOTO: American International Group Inc. (AIG) headquarters seen on the day of the company’s 2017 annual shareholder meeting at 175 Water Street, New York, U.S., June 28, 2017. REUTERS/Suzanne Barlyn/File Photo
Institutional Shareholder Services Inc and Glass Lewis & Co, which together influence the vast majority of institutional shareholder votes, each argued in recent reports that AIG’s top executives get paid too much.
AIG’s executive compensation has an “unmitigated pay-for-performance misalignment,” ISS said in a report on May 7.
“The company paid more than its peers, but performed significantly worse than its peers,” Glass Lewis said in a report seen by Reuters that was distributed last month. Neither…