AIG (AIG) Announces Voluntary Executive Compensation Restrictions

November 25, 2008 10:55 AM EST

American International Group, Inc. (NYSE: AIG) today announced voluntary restrictions on executive compensation that include a $1 salary for its Chief Executive Officer; no 2008 annual bonuses and no salary increases through 2009 for AIG's top-seven-officer Leadership Group; and no salary increases through 2009 for the 50 next-highest executives, in addition to other bonus, severance and retention award restrictions.

AIG is also developing a funding structure to ensure that no taxpayer dollars are used for annual bonus or future cash performance awards for AIG's "Senior Partners," the top 60 members of management.

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