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(Reuters) — American International Group Inc. said shareholders approved a $21 million pay package for CEO Brian Duperreault during the company’s annual meeting on Tuesday.
A nonbinding resolution to endorse the executive compensation passed with a majority of votes cast, company Chairman Doug Steenland announced, adding that further details would be released later in the day.
Influential proxy advisory firms Institutional Shareholder Services and Glass Lewis had advised shareholders to vote against compensation packages for the insurer’s top executives, arguing 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.
AIG’s stock has declined 14.75% since Mr. Duperreault took charge in May 2017.
In the first quarter, AIG showed signs of improvement. It beat Wall Street expectations, with its general insurance business posting an underwriting profit for the first time since the 2008 financial crisis.
Mr. Duperreault said at the time that he expected the company to record an underwriting profit for the full year.
American International Group Inc. reported a 30.3% drop in profit for the first quarter of 2019 related to the accounting treatment of an investment by a subsidiary, but it posted an underwriting profit for its property/casualty business after making significant changes to its operations over the past year.