AIG AIG Annual Reports and Proxy Statements 2008 Proxy Statement

AMERICAN INTERNATIONAL GROUP, INC.
70 Pine Street, New York, N.Y. 10270

NOTICE OF ANNUAL MEETING OF SHAREHOLDERS
TO BE HELD MAY 14, 2008

April 4, 2008

To the Shareholders of
AMERICAN INTERNATIONAL GROUP, INC.:

The Annual Meeting of Shareholders of AMERICAN INTERNATIONAL GROUP, INC. (AIG) will be held at the
offices of AIG at 72 Wall Street, Eighth Floor, New York, New York, on May 14, 2008, at 11:00 a.m., for the
following purposes:

1. To elect 13 directors of AIG to hold office until the next annual election and until their successors are duly
elected and qualified;

2. To act upon a proposal to ratify the selection of PricewaterhouseCoopers LLP as AIG’s independent
registered public accounting firm for 2008;

3. To act upon a shareholder proposal relating to the human right to water;

4. To act upon a shareholder proposal relating to the reporting of political contributions; and

5. To transact any other business that may properly come before the meeting.

Shareholders of record at the close of business on March 28, 2008 will be entitled to vote at the meeting.

Important Notice Regarding the Availability of Proxy Materials for the Annual Meeting of Shareholders to be
held on May 14, 2008. The Proxy Statement, Annual Report to Shareholders and other Soliciting Material are
available in the Investor Information section of AIG’s corporate website at www.aigcorporate.com.

By Order of the Board of Directors
KATHLEEN E. SHANNON
Secretary

If you plan on attending the meeting, please remember to bring photo identification with you. If you cannot be present at the meeting,
please sign the enclosed proxy card and return it at once in the accompanying postage prepaid envelope or vote your shares by telephone
or through the Internet.

AMERICAN INTERNATIONAL GROUP, INC.
70 Pine Street, New York, N.Y. 10270

PROXY STATEMENT

April 4, 2008

TIME AND DATE 11:00 a.m. on Wednesday, May 14, 2008.
PLACE 72 Wall Street, Eighth Floor, New York, New York 10270
•
ITEMS OF BUSINESS To elect 13 directors of AIG to hold office until the next annual election and
until their successors are duly elected and qualified.
• To act upon a proposal to ratify the selection of PricewaterhouseCoopers LLP
as AIG’s independent registered public accounting firm for 2008.
• To act upon a shareholder proposal relating to the human right to water.
• To act upon a shareholder proposal relating to the reporting of political
contributions.
• To transact any other business that may properly come before the meeting.
RECORD DATE You can vote if you were a shareholder of record at the close of business on
March 28, 2008.
MAILING DATE These materials are being mailed to shareholders of AIG commencing on or about
April 4, 2008.
INSPECTION OF LIST OF A list of the shareholders of record as of March 28, 2008 will be available for
SHAREHOLDERS OF inspection during ordinary business hours during the ten days prior to the meeting
RECORD at AIG’s offices, 70 Pine Street, New York, New York 10270.
ADDITIONAL Additional information regarding the matters to be acted on at the meeting is
INFORMATION included in the accompanying proxy materials.
PROXY VOTING PLEASE SUBMIT YOUR PROXY THROUGH THE INTERNET OR BY TELEPHONE
OR MARK, SIGN, DATE AND RETURN YOUR PROXY IN THE ENCLOSED
ENVELOPE.

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TABLE OF CONTENTS

Page Page
VOTING INSTRUCTIONS AND INFORMATION .. 3 REPORT OF AUDIT COMMITTEE AND
ELECTION OF DIRECTORS . . . . . . . . . . . . . . . . . . . 7 RATIFICATION OF SELECTION OF
ACCOUNTANTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52
CORPORATE GOVERNANCE . . . . . . . . . . . . . . . . . 10
Report of the Audit Committee . . . . . . . . . . . . 52
Governance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
Ratification of Selection of
Report of the Nominating and Corporate
PricewaterhouseCoopers LLP . . . . . . . . . . . 54
Governance Committee . . . . . . . . . . . . . . . . 11
Fees Paid to PricewaterhouseCoopers
Committees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
LLP. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55
Compensation of Directors. . . . . . . . . . . . . . . . 16
SHAREHOLDER PROPOSAL—Human Right to
Compensation and Management
Water . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57
Resources Committee Interlocks and
Shareholder Proposal. . . . . . . . . . . . . . . . . . . . . 57
Insider Participation . . . . . . . . . . . . . . . . . . . . 18
AIG Statement in Opposition. . . . . . . . . . . . . . 57
OWNERSHIP OF CERTAIN SECURITIES . . . . . . . 19
SHAREHOLDER PROPOSAL—Political
SECTION 16(a) BENEFICIAL OWNERSHIP
Contributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58
REPORTING COMPLIANCE . . . . . . . . . . . . . . . . . 21
Shareholder Proposal. . . . . . . . . . . . . . . . . . . . . 58
RELATIONSHIPS AND RELATED-PARTY
TRANSACTIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 AIG Statement in Opposition. . . . . . . . . . . . . . 59
OTHER MATTERS . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60
EXECUTIVE COMPENSATION. . . . . . . . . . . . . . . . . 22
Other Matters to be Presented at the
Compensation and Management
2008 Annual Meeting. . . . . . . . . . . . . . . . . . . 60
Resources Committee Report . . . . . . . . . . . 22
Shareholder Proposals for 2009 Annual
Compensation Discussion and Analysis . . . 22
Meeting. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60
2007 Compensation . . . . . . . . . . . . . . . . . . . . . . 34
Incorporation by Reference . . . . . . . . . . . . . . . 60
Exercises and Holdings of Previously
Important Notice Regarding Delivery of
Awarded Equity . . . . . . . . . . . . . . . . . . . . . . . . 39
Shareholder Documents . . . . . . . . . . . . . . . . 60
Post-Employment Compensation . . . . . . . . . . 42
Proxy Solicitation . . . . . . . . . . . . . . . . . . . . . . . . . 60
Potential Payments on Termination . . . . . . . . 47
CORPORATE GOVERNANCE GUIDELINES . . . . A-1

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VOTING INSTRUCTIONS AND INFORMATION
The enclosed proxy is solicited on behalf of the Board of Directors (Board of Directors or Board) of
American International Group, Inc., a Delaware corporation (AIG), for use at the AIG Annual Meeting, to be held
on May 14, 2008, or at any adjournment thereof (Annual Meeting). These proxy materials are being mailed to
shareholders of AIG commencing on or about April 4, 2008.

Who can vote at the Annual Meeting?
You are entitled to vote or direct the voting of your shares of AIG common stock, par value $2.50 per share
(AIG Common Stock), if you were a shareholder of record at the close of business on March 28, 2008. On that
date, 2,495,810,587 shares of AIG Common Stock (exclusive of shares held by AIG and certain subsidiaries)
were outstanding, held by 55,886 shareholders of record. You may cast one vote for each share of AIG Common
Stock held by you on the record date.

What proposals will be voted on at the Annual Meeting?
There are two proposals from AIG to be considered and voted on at the Annual Meeting:
1. To elect 13 directors of AIG to hold office until the next annual election and until their successors are
duly elected and qualified; and
2. To act upon a proposal to ratify the selection of PricewaterhouseCoopers LLP as AIG’s independent
registered public accounting firm for 2008.
In addition, there are two proposals from shareholders to be considered and voted on at the Annual
Meeting:
3. To act upon a shareholder proposal relating to the human right to water; and
4. To act upon a shareholder proposal relating to the reporting of political contributions.
You may also vote on any other business that properly comes before the Annual Meeting.

How does the Board of Directors recommend I vote?
AIG’s Board of Directors unanimously recommends that you vote:
1. “FOR” each of the nominees to the Board of Directors.
2. “FOR” ratification of the selection of PricewaterhouseCoopers LLP as AIG’s independent registered
public accounting firm for 2008.
3. “AGAINST” the shareholder proposal relating to the human right to water.
4. “AGAINST” the shareholder proposal relating to the reporting of political contributions.

Who is a shareholder of record?
During the ten days prior to the Annual Meeting, a list of the shareholders will be available for inspection at
the offices of AIG at 70 Pine Street, New York, New York 10270.
• If you hold AIG Common Stock that is registered in your name on the records of AIG maintained by AIG’s
transfer agent, Wells Fargo Shareowner Services, you are a shareholder of record.
• If you hold AIG Common Stock indirectly through a broker, bank or similar institution, you are not a
shareholder of record, but instead hold in “street name.”
If you are a shareholder of record, these proxy materials are being sent to you directly. If you hold shares in
street name, these materials are being sent to you by the bank, broker or similar institution through which you
hold your shares.

What do I need to attend the Annual Meeting?
If you plan on attending the Annual Meeting, please remember to bring photo identification with you, such
as a driver’s license.
In addition, if you hold shares in “street name” and would like to attend the Annual Meeting, you should
bring an account statement or other acceptable evidence of ownership of AIG Common Stock as of the close of

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business on March 28, 2008, the record date for voting. In order to vote at the Annual Meeting, you will also
need a valid “legal proxy”, which you can obtain by contacting your account representative at the broker, bank
or similar institution through which you hold your shares. See “How do I vote?”

How do I vote?
You may cast your vote in one of four ways:
• By Internet. Go to the following website: www.eproxy.com/aig. Internet voting is available 24 hours a day.
Enter the information requested on your computer screen and follow the simple instructions. If you choose
to vote by Internet, then you do not need to return the proxy card. To be valid, your vote by Internet must
be received by 11:59 a.m., Eastern Daylight Saving Time, on May 13, 2008. Please have your proxy card
and the last four digits of your Social Security number or tax identification number available.
• By Telephone. To vote using the telephone (within U.S. and Canada), call toll free 1-800-560-1965 in the
United States or Canada any time on a touch tone telephone. Telephone voting is available 24 hours a
day, 7 days a week. There is NO CHARGE to you for the call. Follow the simple instructions provided by
the recorded message. If you choose to vote by telephone, then you do not need to return the proxy card.
To be valid, your vote by telephone must be received by 11:59 a.m., Eastern Daylight Saving Time, on
May 13, 2008.
• By Mail. Mark the enclosed proxy card, sign and date it, and return it in the pre-paid envelope that has
been provided. To be valid, your vote by mail must be received by 10:00 a.m., Eastern Daylight Saving
Time, on May 14, 2008.
• At the Annual Meeting. You can vote your shares in person at the Annual Meeting (see “What do I need
to attend the Annual Meeting?”). If you are a shareholder of record, in order to vote at the Annual Meeting,
you must present an acceptable form of identification, such as a driver’s license. If you hold your shares
in street name, you must obtain a legal proxy, as described above, under “What do I need to attend the
Annual Meeting?”, and bring that proxy to the Annual Meeting.

How can I revoke my proxy or substitute a new proxy or change my vote?
You can revoke your proxy or substitute a new proxy by:
For a Proxy Submitted by Internet or Telephone
• Subsequently submitting in a timely manner a new proxy through the Internet or by telephone; or
• Executing and mailing a later-dated proxy card that is received by AIG prior to 10:00 a.m., Eastern
Daylight Saving Time, on May 14, 2008; or
• Voting in person at the Annual Meeting.
For a Proxy Submitted by Mail
• Subsequently executing and mailing another proxy card bearing a later date; or
• Giving written notice of revocation to AIG’s Secretary at 70 Pine Street, New York, NY 10270 that is
received by AIG prior to 10:00 a.m., Eastern Daylight Saving Time, on May 14, 2008; or
• Voting in person at the Annual Meeting.

If I submit a proxy by Internet, telephone or mail, how will my shares be voted?
If you properly submit your proxy by one of these methods, and you do not subsequently revoke your proxy,
your shares will be voted in accordance with your instructions.
If you sign, date and return your proxy card but do not give voting instructions, your shares will be voted as
follows: FOR the election of AIG’s director nominees, FOR the ratification of the appointment of
PricewaterhouseCoopers LLP as AIG’s independent registered public accounting firm for 2008, AGAINST
each of the shareholder proposals and otherwise in accordance with the judgment of the persons voting the
proxy on any other matter properly brought before the Annual Meeting.

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If I hold my shares in “street name” and do not provide voting instructions, can my broker still vote
my shares?

Under the rules of the New York Stock Exchange (NYSE), brokers that have not received voting instructions
from their customers ten days prior to the Annual Meeting date may vote their customers’ shares in the brokers’
discretion on the proposals regarding the election of directors and the ratification of the appointment of
independent auditors because these are considered “discretionary” under NYSE rules. If your broker is an
affiliate of AIG, NYSE policy specifies that, in the absence of your specific voting instructions, your shares may
only be voted in the same proportion as all other shares are voted with respect to each proposal.

Under NYSE rules, each of the shareholder proposals is a “non-discretionary” item, which means that
member brokers who have not received instructions from the beneficial owners of AIG Common Stock do not
have discretion to vote the shares of AIG Common Stock held by those beneficial owners on such proposal.

How are votes counted?

Election of Directors. AIG’s By-laws provide that in uncontested elections, directors must receive a
majority of the votes cast. In other words, directors in an uncontested election must receive more votes “for” their
election than “against” their election. In a contested election, a director will be elected by a plurality of the votes
cast. Pursuant to AIG’s Corporate Governance Guidelines, each nominee for director has submitted to the Board
an irrevocable resignation from the Board that would become effective upon (1) the failure of such nominee to
receive the required vote at the Annual Meeting and (2) Board acceptance of such resignation. In the event that
a director nominee fails to receive the required vote at the Annual Meeting, the Nominating and Corporate
Governance Committee will then make a recommendation to the Board on the action to be taken with respect to
the resignation. The Board will accept such resignation unless the Committee recommends and the Board
determines that the best interests of AIG and its shareholders would not be served by doing so.

Ratification of the selection of PricewaterhouseCoopers LLP as AIG’s Independent Registered Public
Accounting Firm. Ratification of the selection of accountants requires that a majority of the votes cast vote “for”
ratification. Neither AIG’s Restated Certificate of Incorporation nor AIG’s By-laws require that the shareholders
ratify the selection of PricewaterhouseCoopers LLP as its independent registered public accounting firm. AIG’s
Board is requesting shareholder ratification as a matter of good corporate practice. If the shareholders do not
ratify the selection, the Audit Committee will reconsider whether or not to retain PricewaterhouseCoopers LLP,
but may still retain PricewaterhouseCoopers LLP. Even if the selection is ratified, the Audit Committee in its
discretion may change the appointment at any time during the year if it determines that such change would be
in the best interests of AIG and its shareholders.

Shareholder Proposal. Approval of a shareholder proposal requires a “for” vote by a majority of the
outstanding shares of AIG Common Stock.

Broker Non-Votes. Because directors are elected by a majority of the votes cast, an abstention or broker
non-vote will have no effect on the election, although a director who receives more votes “against” than “for” his
or her election will be required to resign, subject to the process described above under “Election of Directors.”

In the case of ratification of the appointment of PricewaterhouseCoopers LLP, only votes cast “for” or
“against” the ratification will be considered; abstentions, broker non-votes and withheld votes will not be treated
as a vote “for” or “against” the ratification and therefore will have no effect on the vote. Because the affirmative
vote of a majority of the outstanding shares of AIG Common Stock is necessary to approve each shareholder
proposal, an abstention, broker non-vote or withheld vote will have the effect of a vote against such proposal.

How many votes are required to transact business at the Annual Meeting?

A quorum is required to transact business at the Annual Meeting. The holders of a majority of the
outstanding shares of AIG Common Stock will constitute a quorum.

Proxies marked as abstaining, and any proxies returned by brokers as “non-votes” on behalf of shares held
in street name because beneficial owners’ discretion has been withheld as to one or more matters on the
agenda for the Annual Meeting, will be treated as present for purposes of determining a quorum for the Annual
Meeting.

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How do I obtain more information about AIG?
A copy of AIG’s 2007 Annual Report to Shareholders, which includes AIG’s Annual Report on Form 10-K for
the year ended December 31, 2007 filed with the U.S. Securities and Exchange Commission (SEC), is enclosed
with this Proxy Statement. You also may obtain, free of charge, a copy of the 2007 Annual Report to
Shareholders and Annual Report on Form 10-K for the year ended December 31, 2007 by writing to
American International Group, Inc., 70 Pine Street, New York, New York 10270, Attention: Investor
Relations. These documents also are available in the Investor Information section of AIG’s corporate website at
www.aigcorporate.com.

Who pays for the expenses of this proxy solicitation?
AIG will bear the cost of this solicitation of proxies. Proxies may be solicited by mail, email, personal
interview, telephone and facsimile transmission by directors, their associates, and approximately eight officers
and regular employees of AIG and its subsidiaries. In addition to the foregoing, AIG has retained
D.F. King & Co., Inc. to assist in the solicitation of proxies for a fee of approximately $16,000 plus reasonable
out-of-pocket expenses and disbursements of that firm. AIG will reimburse brokers and others holding AIG
Common Stock in their names, or in the names of nominees, for forwarding proxy materials to their principals.

6

ELECTION OF DIRECTORS
Thirteen directors are to be elected at the Annual Meeting to hold office until the next annual election and
until their successors are duly elected and qualified. It is the intention of the persons named in the
accompanying form of proxy to vote for the election of the nominees listed below. All of the nominees are
currently members of AIG’s Board of Directors. It is not expected that any of the nominees will become
unavailable for election as a director, but if any should prior to the Annual Meeting, proxies will be voted for such
persons as the persons named in the accompanying form of proxy may determine in their discretion. Directors
will be elected by a majority of the votes cast. Pursuant to AIG’s Corporate Governance Guidelines, each
nominee for director has submitted to the Board an irrevocable resignation from the Board that would become
effective upon (1) the failure of such nominee to receive the required vote at the shareholder meeting and
(2) Board acceptance of such resignation. In the event that a director nominee fails to receive the required vote,
the Nominating and Corporate Governance Committee will then make a recommendation to the Board on the
action to be taken with respect to the resignation. The Board will accept such resignation unless the Board
determines (after consideration of the Nominating and Corporate Governance Committee’s recommendation)
that the best interests of AIG and its shareholders would not be served by doing so.
In accordance with AIG’s Corporate Governance Guidelines that provides that directors will not stand for
election as a director after reaching the age of 73, Messrs. Cohen and Zarb will retire from the Board of
Directors effective at the time that the directors are elected at the Annual Meeting. In addition, Mr. Hammerman
has notified AIG that he does not wish to stand for re-election as a director at the Annual Meeting.
The nominees for director and certain information supplied by them to AIG are as follows:

STEPHEN F. BOLLENBACH Former Co-Chairman and Chief Executive
Officer, Hilton Hotels Corporation
Elected January 16, 2008
Age 65
Director, KB Home
Macy’s, Inc.
Time Warner Inc.

MARTIN S. FELDSTEIN Professor of Economics, Harvard University;
President and Chief Executive Officer, National
Director since 1987
Bureau of Economic Research
(a nonprofit economic research center)
Age 68
Director, Eli Lilly and Company

ELLEN V. FUTTER President, American Museum of Natural History
Director since 1999 Age 58
Director, Consolidated Edison, Inc. (also serves
as Trustee of Consolidated Edison
Company of New York, Inc.)
JPMorgan Chase & Co.

Vice Chairman, Perseus LLC (a merchant bank
RICHARD C. HOLBROOKE
and private equity fund management company);
Director since 2001
Former United States Ambassador to the United
Nations; Former Vice Chairman, Credit Suisse
First Boston
Age 66

7

FRED H. LANGHAMMER Chairman, Global Affairs and Former Chief
´
Executive Officer, The Estee Lauder Companies
Director since 2006
Inc.
Age 64
Director, Shinsei Bank, Limited
The Walt Disney Company

GEORGE L. MILES, JR. President and Chief Executive Officer, WQED
Multimedia
Director since 2005
Age 66
Director, Equitable Resources, Inc.
Harley-Davidson, Inc.
HFF, Inc.
WESCO International, Inc.

Chairman, Offit Capital Advisors LLC (a wealth
MORRIS W. OFFIT
management advisory firm); Founder and Former
Director since 2005
Chief Executive Officer, OFFITBANK (a private
bank)
Age 71

JAMES F. ORR III Chairman of the Board of Trustees, The
Rockefeller Foundation
Director since 2006
Age 65

VIRGINIA M. ROMETTY Senior Vice President, Global Business Services,
IBM Corporation
Director since 2006
Age 50

MARTIN J. SULLIVAN President and Chief Executive Officer, AIG
Director, International Lease Finance
Corporation and Transatlantic
Holdings, Inc., subsidiaries of AIG

8

MICHAEL H. SUTTON Independent Consultant; Former Chief
Accountant of the United States Securities and
Director since 2005
Exchange Commission
Age 67
Director, Allegheny Energy, Inc.
Krispy Kreme Doughnuts, Inc.

EDMUND S.W. TSE Senior Vice Chairman—Life Insurance, AIG

ROBERT B. WILLUMSTAD Founder and Partner, Brysam Global Partners (a
private equity investment firm); Former President
Director and Chairman since
and Chief Operating Officer, Citigroup Inc.
2006
Age 62

The principal occupation or affiliation of the nominees is shown above. Messrs. Sullivan and Tse have been
executive officers of AIG for more than five years. Except as noted below, each other director has occupied an
executive position with the company or organization listed above for at least five years. From 2004 until 2007, Mr.
Bollenbach was Co-Chairman and Chief Executive Officer of Hilton Hotels Corporation. Before that, he was
Hilton Hotels Corporation’s Chief Executive Officer and President. Mr. Offit served as Co-Chief Executive Officer
of Offit Hall Capital Management LLC from 2002 until 2007. Mr. Willumstad served in executive positions with
Citigroup Inc. for more than five years prior to his retirement in September 2005. Brysam Global Partners was
established in November 2006.

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CORPORATE GOVERNANCE
GOVERNANCE
AIG’s Board regularly reviews corporate governance developments and modifies its Corporate Governance
Guidelines, charters and practices from time to time. AIG’s Corporate Governance Guidelines are included as
Appendix A. AIG’s Corporate Governance Guidelines and the charters of the Nominating and Corporate
Governance Committee, the Compensation and Management Resources Committee, the Finance Committee,
the Audit Committee, the Public Policy and Social Responsibility Committee, and the Regulatory, Compliance
and Legal Committee are available in the Corporate Governance section of AIG’s corporate website at
AIG’s Director, Executive Officer and Senior Financial Officer Code of Business Conduct and Ethics and a
Code of Conduct for employees are available, without charge, in the Corporate Governance section of AIG’s
corporate website at www.aigcorporate.com or in print by writing to American International Group, Inc., 70 Pine
Street, New York, New York 10270, Attention: Investor Relations. Any amendment to AIG’s Director, Executive
Officer and Senior Financial Officer Code of Business Conduct and Ethics and any waiver applicable to AIG’s
directors, executive officers or senior financial officers will be posted on AIG’s website within the time period
required by the SEC and the NYSE.
Using the current AIG Director Independence Standards that are included in the Corporate Governance
Guidelines, the Board, on the recommendation of the Nominating and Corporate Governance Committee,
determined that Ms. Futter, Ms. Rometty and Messrs. Bollenbach, Cohen, Feldstein, Hammerman, Holbrooke,
Langhammer, Miles, Offit, Orr, Sutton, Willumstad and Zarb are independent under NYSE listing standards and
AIG’s Director Independence Standards.
In making the independence determinations, the Nominating and Corporate Governance Committee
considered relationships arising from (1) contributions by AIG to charitable organizations with which Messrs.
Bollenbach, Cohen, Feldstein, Hammerman, Holbrooke, Langhammer and Offit, and Ms. Futter or members of
their immediate families are affiliated, (2) in the case of Ms. Rometty, transactions between AIG and IBM
Corporation and (3) in the case of certain directors, investments and insurance products provided to them by
AIG in the ordinary course of business and on the same terms made available to third parties. Except as
described in the following paragraph, none of these relationships exceeded the thresholds set forth in the AIG
Director Independence Standards.
In 2007, AIG made payments totaling $527,500 to the Asia Society, of which Mr. Holbrooke is chairman of
the board of directors, for membership fees, sponsorship costs and general contributions. In addition, to date in
2008, AIG has made a payment of $50,000 for sponsorship costs. Under AIG’s Director Independence
Standards that are used to assist the Board in making independence determinations, the Board must consider
the materiality of any contributions for a calendar year made to a charitable organization with which a director is
affiliated if the contributions exceed $200,000. The Board, on the recommendation of the Nominating and
Corporate Governance Committee, considered the payments to the Asia Society and determined that they do
not impair Mr. Holbrooke’s independence. In making this determination, the Nominating and Corporate
Governance Committee and the Board evaluated all facts they considered relevant, including that Mr. Holbrooke
does not serve as an executive officer and does not receive compensation from the Asia Society, that he did not
solicit the payments and that, given the significance of AIG’s operations in Asia, the Board and AIG
management believe that the payments to the Asia Society will enhance AIG’s reputation and standing in Asia.
There were nine meetings of the Board during 2007. The non-management directors meet in executive
session, without any management directors present, in connection with each regularly scheduled Board
meeting. Mr. Willumstad presided at these executive sessions. For 2007 and 2006, all of the directors attended
at least 75 percent of the aggregate of all meetings of the Board and of the committees of the Board on which
they served. Under AIG’s Corporate Governance Guidelines, any director who, for two consecutive calendar
years, attends fewer than 75 percent of the regular meetings of the Board and the meetings of all committees of
which such director is a voting member, will not be nominated for reelection at the annual meeting in the next
succeeding calendar year, absent special circumstances that may be taken into account by the Board and the
Nominating and Corporate Governance Committee in making its recommendations to the Board.
Directors are expected to attend the annual meetings of shareholders. All directors serving at the time of the
2007 annual meeting of shareholders attended that meeting.
AIG has adopted policies on reporting of concerns regarding accounting and other matters and on
communicating with non-management directors. These policies are available in the Corporate Governance
section of AIG’s corporate website at www.aigcorporate.com. Interested parties may make their concerns known
to the non-management members of AIG’s Board of Directors as a group or the other members of the Board of
Directors by writing care of Special Counsel and Secretary to the Board, American International Group, Inc., 70
Pine Street, New York, NY 10270 or by email to: boardofdirectors@aig.com.

10

REPORT OF THE NOMINATING AND CORPORATE GOVERNANCE COMMITTEE

Overview
The role of the Nominating and Corporate Governance Committee is to identify individuals qualified to
become Board members and recommend these individuals to the Board for nomination as members of the
Board and its committees, to advise the Board on corporate governance matters and to oversee the evaluation
of the Board and its committees.

Committee Organization and Operation
Committee Charter. The Committee’s charter is available in the Corporate Governance section of AIG’s
corporate website at www.aigcorporate.com.
Independence. The Board of Directors has determined that each member of the Committee is independent,
as required by NYSE listing standards.
Conduct of meetings and governance process. During 2007, the Committee held six meetings. In
discussing governance initiatives and in preparation for meetings, the Committee Chairman and Mr. Eric N.
Litzky, Vice President—Corporate Governance and Special Counsel and Secretary to the Board of Directors,
met and consulted frequently with Mr. Willumstad and other Committee and Board members.

Board Membership and Composition
Nomination and Election of Directors. Fifteen directors were elected at AIG’s annual meeting of
shareholders in May 2007. In light of the pending retirement of Messrs. Cohen and Zarb, the Committee has
been actively considering potential director candidates. As part of this search, Mr. Bollenbach was identified as
a potential candidate by Heidrick & Struggles, an executive search firm. Mr. Bollenbach was nominated by the
Committee and elected by the Board as a director in January 2008. Mr. Hammerman notified AIG in February
2008 that he did not wish to stand for re-election as a director. As a result, the Committee evaluated and
recommended to the Board of Directors the 13 incumbent directors as nominees standing for election at the
2008 Annual Meeting, based on the criteria set forth in AIG’s Corporate Governance Guidelines. A description of
the nominees recommended by the Committee is set forth above under the caption “Election of Directors.” The
process for identification of director nominees when standing for election for the first time is provided below
under the caption “Committees—Nominating and Corporate Governance Committee.”
Mr. Willumstad has served as Chairman since November 2006, and his election as Chairman was in
accordance with the policy set forth in AIG’s By-laws and Corporate Governance Guidelines that the position of
Chairman should be separate from Chief Executive Officer and should be selected from the independent
directors.
Independence. The Board of Directors, on the recommendation of the Committee, determined that each of
AIG’s 11 non-management directors is independent within the meaning of the NYSE listing standards.
Mr. Sullivan, who serves as Chief Executive Officer, and Mr. Tse, who serves as Senior Vice Chairman—Life
Insurance, are the only directors who hold AIG management positions and, therefore, are not independent
directors.

Corporate Governance Initiatives in 2007
Director Compensation and Stock Ownership Guidelines. The Board reviewed and adopted
recommendations of the Committee with respect to director compensation and stock ownership guidelines
applicable to directors in 2007. Under the guidelines, directors should own at least 10,000 shares of AIG
Common Stock (which includes deferred stock and Deferred Stock Units (DSUs)). Until such time as a director
achieves beneficial ownership of AIG Common Stock at the required level, such director is required to retain the
shares of AIG Common Stock received upon the exercise of stock options, net of shares used to satisfy the
exercise price and shares withheld or sold to satisfy tax withholding obligations.
Amendment of By-laws and Corporate Governance Guidelines. On the recommendation of the
Committee, the Board adopted a majority vote by-law described under “Election of Directors.” The Committee
completed a review of AIG’s Corporate Governance Guidelines in 2007 and adopted several amendments,
which were posted in the Corporate Governance section of AIG’s corporate website at www.aigcorporate.com.

11

Conclusion
During 2007, the Committee has continued its efforts to strengthen the Board of Directors and its
governance structure. The Committee plans to keep AIG in the forefront of good corporate governance in 2008
and beyond.
Nominating and Corporate Governance Committee
American International Group, Inc.

George L. Miles, Jr., Chairman
Marshall A. Cohen
Ellen V. Futter
James F. Orr III
Robert B. Willumstad, ex-officio
Frank G. Zarb, non-voting member

12

COMMITTEES
The following table sets forth the current membership on each standing committee of the Board and the
number of committee meetings held in 2007. On January 17, 2007, Ms. Rometty became a member of the
Compensation and Management Resources Committee, Mr. Langhammer became a member of the Finance
Committee and Mr. Feldstein became a member of the Regulatory, Compliance and Legal Committee. Mr. Offit
became a member of the Public Policy and Social Responsibility Committee on November 14, 2007.
Mr. Bollenbach became a member of the Board and the Audit Committee on January 16, 2008.

Nominating Compensation Public
and and Policy and Regulatory,
Corporate Management Social Compliance
Audit Governance Resources Finance Responsibility and Legal
Director Committee Committee Committee Committee Committee Committee
Stephen F. Bollenbach
Marshall A. Cohen (C)
Martin S. Feldstein
Ellen V. Futter
Stephen L. Hammerman (C)
Richard C. Holbrooke (C)
Fred H. Langhammer
George L. Miles, Jr. (C)
Morris W. Offit (C)
James F. Orr III
Virginia M. Rometty
Martin J. Sullivan
Michael H. Sutton (C)
Edmund S.W. Tse
Robert B. Willumstad * * * * * *
Frank G. Zarb * * * * * *
Number of meetings 14 6 9 10 4 6

= Member; C = Chair
* Mr. Willumstad is an ex-officio member and Mr. Zarb is a non-voting member of each committee.

Audit Committee
The Audit Committee, which held 14 meetings during 2007, assists in the Board’s oversight of AIG’s
financial statements and compliance with legal and regulatory requirements, the qualifications and performance
of AIG’s independent registered public accounting firm and the performance of AIG’s internal audit function. The
Audit Committee is directly responsible for the appointment, compensation, retention and oversight of the work
of AIG’s independent registered public accounting firm. In its oversight of AIG’s internal audit function, the Audit
Committee also is involved in performance reviews and determining compensation of AIG’s chief internal
auditor.
The Board has determined, on the recommendation of the Nominating and Corporate Governance
Committee, that all members of the Audit Committee are independent under both NYSE listing standards and
SEC rules. The Board has also determined that all members of the Audit Committee are financially literate, as
defined by NYSE listing standards, and that a majority of the members of the Committee are audit committee
financial experts, as defined by SEC rules. For purposes of SEC rules, the Board of Directors has designated
Mr. Sutton the named audit committee financial expert and, on the recommendation of the Nominating and
Corporate Governance Committee, has determined that Mr. Sutton has accounting or related financial
management expertise, as defined by NYSE listing standards. Although designated as an audit committee
financial expert, Mr. Sutton does not act as an accountant for AIG and, under SEC rules, is not an “expert” for
purposes of the liability provisions of the Securities Act of 1933, as amended (the Securities Act), or for any other
purpose. Under the Federal securities laws, Mr. Sutton does not have any responsibilities or obligations in

13

addition to those of the other Audit Committee members; for these purposes, all Audit Committee members have
identical duties and responsibilities.

Nominating and Corporate Governance Committee
The Nominating and Corporate Governance Committee held six meetings in 2007. The Board has
determined that all members of the Nominating and Corporate Governance Committee are independent under
NYSE listing standards. The primary purposes of the Nominating and Corporate Governance Committee are to
review and recommend individuals to the Board of Directors for nomination, election or appointment as
members of the Board and its committees, to advise the Board on corporate governance and to oversee the
evaluation of the Board and its committees.
The AIG Corporate Governance Guidelines include characteristics that the Nominating and Corporate
Governance Committee considers important for nominees for director and information for shareholders with
respect to director nominations. The Nominating and Corporate Governance Committee will consider director
nominees recommended by shareholders and will evaluate shareholder nominees on the same basis as all other
nominees. Shareholders who wish to submit nominees for director for consideration by the Nominating and
Corporate Governance Committee for election at the 2009 annual meeting of shareholders may do so by
submitting in writing such nominees’ names, in compliance with the procedures described under “Other
Matters—Shareholder Proposals for 2009 Annual Meeting” in this Proxy Statement.

Compensation and Management Resources Committee
The Compensation and Management Resources Committee, which held nine meetings during 2007, is
responsible for reviewing and approving the compensation awarded to AIG’s Chief Executive Officer (subject to
ratification or approval by the Board) and to the other key employees under its purview, including the
performance measures and goals relevant to that compensation. The Committee is also responsible for making
recommendations to the Board with respect to AIG’s compensation programs for key and other employees and
for oversight of AIG’s management development and succession planning programs. These responsibilities,
which may not be delegated to persons who are not members of the Compensation and Management
Resources Committee, are set forth in the Committee’s charter, which is available in the Corporate Governance
section of AIG’s corporate website at www.aigcorporate.com.
Nineteen key employees are currently under the purview of the Compensation and Management Resources
Committee, including all of the executive officers named in the 2007 Summary Compensation Table. Mr. Sullivan
participates in meetings of the Compensation and Management Resources Committee and makes
recommendations with respect to the annual compensation of employees under the Committee’s purview other
than himself. Pursuant to AIG’s By-laws, the Board ratifies the determination of the Compensation and
Management Resources Committee as to the compensation paid or to be paid to Mr. Sullivan in his capacity as
AIG’s Chief Executive Officer.
The Compensation and Management Resources Committee does not determine the compensation of the
Board of Directors. The compensation of directors is recommended by the Nominating and Corporate
Governance Committee and is approved by the Board.
To provide independent advice, the Compensation and Management Resources Committee selected
Frederic W. Cook & Co. as a consultant and has used the services of the Cook firm since 2005. The
Compensation and Management Resources Committee directly engaged the Cook firm to review and comment
on AIG’s executive compensation framework in relation to the objectives of the framework and market practices.
Members of the Cook firm regularly participate in Committee meetings and provide information on compensation
trends along with specific views on AIG’s compensation programs.
The Cook firm has advised the Committee that the design and operation of AIG’s executive compensation
programs reflect a pay-for-performance compensation philosophy that is reasonable and competitive with
companies in the financial services industry. The Cook firm has also provided advice to the Nominating and
Corporate Governance Committee on AIG director compensation and market practices with respect to director
compensation. The Cook firm reports directly to the Chairman of the Compensation and Management Resources
Committee and does not provide any services to AIG’s management.
The Board has determined, on the recommendation of the Nominating and Corporate Governance
Committee, that all members of the Compensation and Management Resources Committee are independent
under NYSE listing standards.

14

Other Committees
The Finance Committee assists the Board in its oversight responsibilities by reviewing and making
recommendations to the Board with respect to AIG’s financial and investment policies, provides strategic
guidance to management as to AIG’s capital structure, use of capital in its businesses, methods of financing its
businesses and other related strategic initiatives. The Committee also assists the Board in its oversight
responsibilities with respect to AIG’s risk management processes insofar as they relate to matters considered by
the Committee pursuant to its charter. The Committee also has the power to approve certain issuances,
investments, dispositions and other transactions and matters. The Committee held 10 meetings in 2007. The
Committee’s charter is available in the Corporate Governance section of AIG’s corporate website at
The Public Policy and Social Responsibility Committee is responsible for reviewing the position and policies
of AIG relating to current and emerging corporate social responsibility and political and public policy issues of
significance to AIG, that may affect AIG’s business operations, performance or corporate reputation. The
Committee’s charter is available in the Corporate Governance section of AIG’s corporate website at
www.aigcorporate.com. The Public Policy and Social Responsibility Committee held four meetings in 2007.
The Regulatory, Compliance and Legal Committee held six meetings during 2007. The principal purpose of
the Regulatory, Compliance and Legal Committee is to assist the Board in its oversight of AIG’s legal, regulatory
and compliance matters. The Committee’s charter is available in the Corporate Governance section of AIG’s
corporate website at www.aigcorporate.com.

15

COMPENSATION OF DIRECTORS
Each non-management director of AIG receives a retainer of $75,000 per year. In lieu of committee annual
retainers and meetings fees, Mr. Willumstad, as Chairman of the Board and an ex-officio member of all standing
committees of the Board, receives an additional annual retainer of $200,000, and Mr. Zarb, as a non-voting
member of all standing committees, receives an additional annual retainer of $150,000. Other non-management
directors receive committee meeting attendance fees of $1,500 per meeting, which includes attendance, upon
request, at meetings of committees of which they are not members and attendance at meetings of AIG’s
International Advisory Board. The chairman of each committee receives an annual committee retainer of
$15,000, except the chairman of the Audit Committee, who receives $25,000. For each other member of each
committee, the annual committee retainer is $5,000. Retainers are paid in equal installments each quarter in
advance of service and meetings fees are paid each quarter for service in the prior quarter. See “Committees”
for information on current committee memberships and committee memberships during 2007.
Prior to May 16, 2007, non-management directors received 1,000 shares of AIG Common Stock per year in
equal quarterly grants, receipt of which is deferred until retirement from the Board, and 2,500 options on AIG
Common Stock per year in an annual grant, which became exercisable after one year and will remain
exercisable for nine years thereafter. The options were granted with an exercise price equal to the closing sale
price of AIG Common Stock on the date of grant. The Board made two quarterly grants of shares of AIG
Common Stock in 2007 under this compensation program, but did not grant any options.
On May 16, 2007, the Board, upon the recommendation of the Nominating and Corporate Governance
Committee, approved changes to the compensation of non-management directors. Effective on that date, the
non-management directors no longer receive 1,000 shares and 2,500 options per year and instead receive an
annual award of DSUs with a value of $125,000, with the number of units determined based on the closing price
of AIG Common Stock on the date of grant. DSUs are granted under the Amended and Restated 2007 Stock
Incentive Plan (2007 Stock Incentive Plan). Each DSU provides that one share of AIG Common Stock will be
delivered when a director ceases to be a member of the Board. Beginning in 2008, the annual retainer amounts,
the committee retainer amounts and the meeting fee amounts for service after that date may be deferred, at the
election of the directors, into DSUs. DSUs include dividend equivalent rights that entitle the director to a
quarterly payment, in the form of DSUs, equal to the amount of any regular quarterly dividend that would have
been paid by AIG if the shares of AIG Common Stock that underlie the DSUs had been outstanding.
Under director stock ownership guidelines adopted by the Board in 2007, non-management directors
should own at least 10,000 shares of AIG Common Stock (including deferred stock and DSUs). Until such time
as a non-management director achieves beneficial ownership of AIG Common Stock at the required level, such
director is required to retain the shares of AIG Common Stock received upon the exercise of stock options
granted, net of shares used to satisfy the exercise price and shares withheld or sold to satisfy tax withholding
obligations.
To provide independent advice and guidance, certain of AIG’s non-management directors also serve on the
boards of directors of subsidiaries of AIG. With the exception of AIG Global Trade & Political Risk Insurance
Company, which pays directors an annual retainer of $10,000, these directorships do not pay retainer fees but
instead pay a fee of $1,500 per meeting attended.
In response to two unrelated derivative actions filed against AIG, which are described in AIG’s Annual
Report on Form 10-K for the year ended December 31, 2007, AIG’s Board of Directors appointed special
litigation committees of independent directors to review the matters asserted in the complaints. The first special
litigation committee was established in 2002. Messrs. Cohen and Sutton are the current members, with
Mr. Sutton joining in October 2005. The second special litigation committee was established in 2005, and
Messrs. Hammerman and Miles were the members until Mr. Hammerman’s resignation from the committee in
February 2008. Mr. Miles is currently the only member of the special litigation committee established in 2005.
Fees for these special litigation committees are set by the Board and may be reviewed and adjusted by the
Board if the amount of work is greater than originally anticipated.
There may be limited occasions when spouses of non-management directors of AIG travel with the directors
on AIG aircraft. In these instances, AIG has been reimbursed by the directors for their spouses’ travel in an
amount equal to the cost of commercial first-class airfare.

16

The following table contains information with respect to the compensation of the individuals who served as
non-management directors of AIG in 2007.

2007 Non-Management Director Compensation
Fees
Earned or
Paid in All Other
Non-Management Members of the Board in 2007 Cash(1) Stock Awards(2) Compensation(3) Total
Marshall A. Cohen . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $164,000 $159,819 $624 $324,443
Martin S. Feldstein . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $113,750 $159,819 $624 $274,193
Ellen V. Futter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $103,000 $159,819 $624 $263,443
Stephen L. Hammerman . . . . . . . . . . . . . . . . . . . . . . . . . . $114,500 $159,819 $624 $274,943
Richard C. Holbrooke . . . . . . . . . . . . . . . . . . . . . . . . . . . . $107,500 $159,819 $624 $267,943
Fred H. Langhammer. . . . . . . . . . . . . . . . . . . . . . . . . . . . . $118,000 $159,819 $624 $278,443
George L. Miles, Jr. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $139,000 $159,819 $624 $299,443
Morris W. Offit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $140,000 $159,819 $624 $300,443
James F. Orr III . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $109,000 $159,819 $624 $269,443
Virginia M. Rometty . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 93,750 $159,819 $624 $254,193
Michael H. Sutton . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $140,000 $159,819 $624 $300,443
Robert B. Willumstad . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $275,000 $159,819 $624 $435,443
Frank G. Zarb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $225,000 $159,819 $624 $385,443

(1) This column represents annual retainer fees, committee and chairmanship fees and committee meeting
attendance fees. The amounts also include the following amounts in meeting attendance fees for meetings of
the boards of directors of subsidiaries of AIG and retainer fees with respect to Mr. Holbrooke’s membership
on the Board of Directors of AIG Global Trade & Political Risk Insurance Company: Cohen—$39,000;
Feldstein—$6,000; Holbrooke—$10,000; Offit—$4,500; and Sutton—$1,500. For Messrs. Hammerman and
Miles, the amount does not include a fee of $150,000 paid in April 2008 for services rendered in 2005, 2006
and 2007 in connection with the special litigation committee established in 2005. Messrs. Hammerman and
Miles each received fees in connection with such services of $50,000 and $25,000 in 2005 and 2006,
respectively. No fees were paid in 2007 in connection with their service in the special litigation committee
established in 2005.
Messrs. Sullivan and Tse serve on the Board but do not receive any compensation for their service as
directors. See the 2007 Summary Compensation Table in “2007 Compensation” for the compensation
awarded to Messrs. Sullivan and Tse in 2007.
(2) This column represents the expense in accordance with FAS 123R of stock-based awards granted by AIG in
2007, calculated using the assumptions described in Note 17 to the Consolidated Financial Statements
included in AIG’s Annual Report on Form 10-K. The grant date fair values for the deferred stock and DSUs
were calculated by multiplying the number of shares or DSUs awarded by the closing price of AIG Common
Stock on the date of grant. On each of January 3, 2007 and April 2, 2007, AIG made grants of deferred
stock to non-management directors, consisting of 250 shares of AIG Common Stock each. On May 16, 2007,
AIG made grants of DSUs representing 1,725 shares. On July 2, 2007 and October 1, 2007, each recipient
of such DSUs received 4 and 5 DSUs, respectively, representing dividends on the DSUs. The grant date fair
values in accordance with FAS 123R of these stock-based awards are: for deferred stock, January 3, 2007—
$72.15 per share; and April 2, 2007—$67.15 per share; and for DSUs, May 16, 2007—$72.46 per share July
2, 2007—$70.20 per share and October 1, 2007—$68.59 per share. Receipt of deferred stock and shares
underlying DSUs is deferred until the director ceases to be a member of the Board.
AIG did not grant options to non-management directors in 2007. However, in preparing its 2007 Proxy
Statement, AIG determined that the expenses for 2006 option awards to non-management directors were not
properly recognized in accordance with FAS 123R for financial statement reporting purposes in 2006,
resulting in the under-recording of expense for these awards by approximately $250,000. AIG corrected its
financial statements in 2007 for these awards. The amount recognized as expense for these awards in 2007
totalled: $21,073 for each of Messrs. Cohen, Feldstein, Hammerman, Holbrooke, Miles, Offit, Orr, Sutton and
Zarb and Ms. Futter; $4,660 for each of Messrs. Langhammer and Willumstad; and $40,069 for Ms. Rometty.
(3) Represents DSUs awarded as dividend equivalents. As described above, the value of the DSUs awarded as
dividend equivalents was calculated by multiplying the number of DSUs awarded by the closing price of AIG
Common Stock on the date of grant.

17

The following table sets forth information with respect to the option and stock awards outstanding at
December 31, 2007 for the non-management directors of AIG.

Stock and Option Awards Outstanding at December 31, 2007
Deferred Deferred
Non-Management Members of the Board in 2007 Option Awards(1) Stock(2) Stock Units(3)
Marshall A. Cohen. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,500 2,875 1,734
Martin S. Feldstein . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,500 2,875 1,734
Ellen V. Futter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,500 2,875 1,734
Stephen L. Hammerman . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,000 2,000 1,734
Richard C. Holbrooke. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,500 2,875 1,734
Fred H. Langhammer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,000 1,500 1,734
George L. Miles, Jr. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,000 1,875 1,734
Morris W. Offit. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,000 1,875 1,734
James F. Orr III . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,500 1,000 1,734
Virginia M. Rometty. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,500 750 1,734
Michael H. Sutton . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,000 1,625 1,734
Robert B. Willumstad . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,000 1,500 1,734
Frank G. Zarb . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,500 2,875 1,734

(1) These columns represent each director’s outstanding option awards made by AIG in 2006 and prior years.
All options are exercisable.
(2) Includes 500 shares of deferred stock awarded in 2007 and deferred stock awarded in prior years. Receipt
of deferred stock is deferred until the director ceases to be a member of the Board.
(3) Includes 1,725 DSUs awarded in 2007 and 9 DSUs awarded as dividend equivalents thereon. Receipt of
shares of AIG Common Stock underlying DSUs is deferred until the director ceases to be a member of the
Board.

COMPENSATION AND MANAGEMENT RESOURCES COMMITTEE INTERLOCKS AND INSIDER
PARTICIPATION
No member of the Compensation and Management Resources Committee has served as an officer or
employee of AIG at any time or has any relationship with AIG requiring disclosure as a related-party transaction.
During 2007, none of AIG’s executive officers served as a director of another entity, one of whose executive
officers served on the Compensation and Management Resources Committee; and none of AIG’s executive
officers served as a member of the compensation committee of another entity, one of whose executive officers
served as a member of the Board of Directors of AIG.

18

OWNERSHIP OF CERTAIN SECURITIES
The following table contains information regarding the only persons who, to the knowledge of AIG,
beneficially own more than five percent of AIG Common Stock.
Shares of Common Stock
Beneficially Owned
Name and Address Number Percent(1)
FMR LLC and Edward C. Johnson 3d (collectively, the FMR Group)(2)
82 Devonshire Street
Boston, MA 02109 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 144,915,088 5.714%
C.V. Starr & Co., Inc.; Edward E. Matthews; Maurice R. Greenberg;
The Maurice R. and Corinne P. Greenberg Family Foundation, Inc.;
Maurice R. and Corinne P. Greenberg Joint Tenancy Company, LLC;
Starr International Company, Inc. (SICO); Universal Foundation, Inc.;
C.V. Starr & Co., Inc. Trust (collectively, the Starr Group)(3)
399 Park Avenue
17th Floor
New York, NY 10022(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 354,987,261 13.6%

(1) Percentages calculated based on AIG Common Stock outstanding as set forth in the Schedule 13G and the
Schedule 13D described in notes 2 and 3 below.
(2) Based on a Schedule 13G filed February 14, 2008 by FMR LLC (FMR Schedule 13G). FMR LLC is the parent
company of various entities that provide investment advisory and management services to the Fidelity Group
of mutual funds and is the beneficial owner of these shares. Item 7 of the FMR Schedule 13G provides
details as to the voting and investment power of each member of the FMR Group, as well as the right of
each member of the FMR Group to acquire AIG Common Stock within 60 days. It also provides information
as to Fidelity International Limited, which operates as a separate entity from FMR LLC and beneficially owns
3,906,336 shares of AIG Common Stock. The FMR Schedule 13G states that FMR LLC and Fidelity
International are of the view that they are not a group and the shares held by the other do not need to be
aggregated.
(3) Based on an amended Schedule 13D dated March 20, 2007 by each member of the Starr Group (Starr
Group Schedule 13D), the members of the Starr Group do not affirm the existence of a group and disclaim
beneficial ownership of each other member of the group; provided, however, that Maurice R. Greenberg
does not disclaim beneficial ownership of the shares of AIG Common Stock held by the Maurice R. and
Corinne P. Greenberg Joint Tenancy Company, LLC and C.V. Starr & Co., Inc. does not disclaim beneficial
ownership of the shares of AIG Common Stock held by the C.V. Starr & Co., Inc. Trust. Item 5 to the Starr
Group Schedule 13D provides details as to the voting and investment power of each member of the Starr
Group, as well as the right of each member of the Starr Group to acquire AIG Common Stock within 60 days.
All information provided in “Ownership of Certain Securities” with respect to the Starr Group is provided
based solely on the information set forth in the Starr Group Schedule 13D. This information has not been
updated to reflect changes in the ownership by the members of the Starr Group of AIG Common Stock that
are disclosed in filings made by one or more members of the Starr Group under Section 16 of the Securities
Exchange Act of 1934, as amended (the Exchange Act). In each case, this information may not be accurate
or complete and AIG takes no responsibility therefor and makes no representation as to its accuracy or
completeness as of the date hereof or any subsequent date.
(4) This is the principal office for all individuals and entities in the Starr Group, other than Starr International
Company, Inc., which has a principal office at 101 Baarerstrasse, CH 6300 Zug, Switzerland; the Universal
Foundation, which has a principal office at Mercury House, 101 Front Street, Hamilton HM 12, Bermuda; and
the Maurice R. and Corinne P. Greenberg Joint Tenancy Company, LLC, which has a principal office at 35
Ocean Reef Drive, Key Largo, Florida 33037.

19

The following table summarizes the ownership of equity securities of AIG by the directors, by the executive
officers named in the 2007 Summary Compensation Table in “2007 Compensation” and by the directors and
current executive officers as a group. None of the shares of AIG Common Stock listed in the following table have
been pledged as security.
Equity Securities of AIG
Owned Beneficially as of
January 31, 2008(1)
AIG
Common Stock
Amount and Nature of Percent
Beneficial of
Ownership(2)(3) Class
Steven J. Bensinger . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 78,395 (4)
Stephen F. Bollenbach . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,503 (4)
Marshall A. Cohen . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75,538 (4)
Martin S. Feldstein . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 83,444 (4)
Ellen V. Futter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,171 (4)
Stephen L. Hammerman . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,740 (4)
Richard C. Holbrooke . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,314 (4)
Fred H. Langhammer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48,617 (4)
George L. Miles, Jr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,615 (4)
Win J. Neuger . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 285,226 .01
Morris W. Offit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,615 (4)
James F. Orr III. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,617 (4)
Virginia M. Rometty . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,310 (4)
Robert M. Sandler . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 520,878 .02
Martin J. Sullivan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 353,467 .01
Michael H. Sutton . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,365 (4)
Edmund S.W. Tse . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,627,956 .06
Robert B. Willumstad. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,240 (4)
Jay S. Wintrob . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,098,389 .08
Frank G. Zarb . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,115 (4)
All Directors and Executive Officers of AIG as a Group (31 individuals) . . . . . . . . . . . . . . . . . 7,268,342 .29

(1) Amounts include shares as to which the individual shares voting and investment power as follows: Tse—
1,118,661 shares with a corporation, and Feldstein—23,727 shares with a corporation.
(2) Amount of equity securities shown includes shares of AIG Common Stock subject to options which may be
exercised within 60 days as follows: Bensinger—76,670 shares, Cohen—20,500 shares, Feldstein—20,500
shares, Futter—20,500 shares, Hammerman—5,000 shares, Holbrooke—17,500 shares, Langhammer—
5,000 shares, Miles—5,000 shares, Neuger—234,296 shares, Offit—5,000 shares, Orr—2,500 shares,
Rometty—2,500 shares, Sandler—200,000 shares, Sullivan—308,412 shares, Sutton—5,000 shares, Tse—
445,625 shares, Willumstad—5,000 shares, Wintrob—287,500 shares, Zarb—17,500 shares, and all
directors and current executive officers of AIG as a group—3,442,762 shares. Amount of equity securities
shown also includes: (i) shares granted to each non-employee director with delivery deferred until the
director ceases to be a member of the Board as follows: Cohen—2,875 shares, Feldstein—2,875 shares,
Futter—2,875 shares, Hammerman—2,000 shares, Holbrooke—2,875 shares, Langhammer—1,500 shares,
Miles—1,875 shares, Offit—1,875 shares, Orr—1,000 shares, Rometty—750 shares, Sutton—1,625 shares,
Willumstad—1,500 shares and Zarb—2,875 shares, and (ii) DSUs granted to each non-employee director
with delivery of the underlying AIG Common Stock deferred until such director ceases to be a member of the
Board as follows: Bollenbach—2,503 shares, Cohen—2,161 shares, Feldstein—1,740 shares, Futter—1,740
shares, Hammerman—1,740 shares, Holbrooke—2,139 shares, Langhammer—2,117 shares, Miles—1,740
shares, Offit—1,740 shares, Orr—2,117 shares, Rometty—1,740 shares, Sutton—1,740 shares, Willumstad—
1,740 shares and Zarb—1,740 shares. Amount of equity securities shown excludes shares with delivery
deferred upon exercise of options as follows: Feldstein—38,109 shares and Sandler—17,729 shares.
(3) Amount of equity securities shown also excludes the following securities owned by or held in trust for
members of the named individual’s immediate family as to which securities such individual has disclaimed
beneficial ownership: Sullivan—424 shares, Tse—3,555 shares, Wintrob—4,008 shares, Zarb—6,245 shares,
and all directors and current executive officers of AIG as a group—31,004 shares.
(4) Less than .01 percent.

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SECTION 16(a) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE
Section 16(a) of the Exchange Act requires directors, executive officers, and ten percent holders of AIG
Common Stock to file reports with respect to their ownership of AIG equity securities. Based solely on the review
of the Forms 3, 4 and 5 and amendments thereto furnished to AIG and certain representations made to AIG, AIG
believes that the only filing deficiencies under Section 16(a) by its directors, executive officers, and ten percent
holders during 2007 were one late report by Mr. Orr, a director, reporting the purchase of 5,000 shares in
November 2007; one late report by each of Messrs. Martin, Neuger, Sullivan, Tse and Wintrob, all executive
officers, reflecting the purchase by each of them, through the Employee Stock Purchase Plan, of 177 shares on
April 1, 2007; and one late report by each of Messrs. Frenkel, Herzog, Sandler and Tse reflecting the acquisition
of 2,016 restricted stock units (RSUs), 630 RSUs, 15,311 RSUs and 22,404 RSUs, respectively, on December 13,
2007; and 19 late reports by individuals and entities in the Starr Group reflecting the acquisition of an aggregate
of 3,852,038 shares and the disposition of an aggregate of 5,704,064 shares resulting from 61 transactions.

RELATIONSHIPS AND RELATED-PARTY TRANSACTIONS
Co-Investments with AIG
AIG has established employee investment funds to permit selected employees to participate alongside
AIG’s merchant banking, venture capital and similar funds. This fund has a fee structure that is generally more
favorable than that offered by AIG to non-employees. Three of AIG’s current executive officers have invested in
this fund. There were no distributions from this fund in 2007. A named executive invested in a similar fund, the
SunAmerica Venture Fund 2000, LP, and received tax distributions related to such fund in 2007. See the 2007
Summary Compensation Table, note 6 in “2007 Compensation”.

Related-Party Transactions Approval Policy
The Board of AIG has adopted a related-party transaction approval policy. Under this policy, any
transaction that involves more than $120,000 and would be required to be disclosed in AIG’s Proxy Statement,
between AIG or any of its subsidiaries and any director or executive officer, or their related persons, must be
approved by the Nominating and Corporate Governance Committee. In determining to approve a related-party
transaction, the Nominating and Corporate Governance Committee will consider:
• whether the terms of the transaction are fair to AIG and on terms at least as favorable as would apply if
the other party was not or did not have an affiliation with a director, executive officer or employee of AIG;
• whether there are demonstrable business reasons for AIG to enter into the transaction;
• whether the transaction would impair the independence of a director; and
• whether the transaction would present an improper conflict of interest for any director, executive officer or
employee of AIG, taking into account the size of the transaction, the overall financial position of the
director, executive officer or employee, the direct or indirect nature of the interest of the director,
executive officer or employee in the transaction, the ongoing nature of any proposed relationship, and any
other factors the Nominating and Corporate Governance Committee or its chairman deems relevant.

21

EXECUTIVE COMPENSATION

COMPENSATION AND MANAGEMENT RESOURCES COMMITTEE REPORT
The Compensation and Management Resources Committee has reviewed and discussed the Compensation
Discussion and Analysis with management. Frederic W. Cook & Co. has also reviewed and discussed the
Compensation Discussion and Analysis with management and outside counsel on behalf of the Compensation
and Management Resources Committee. Based on such review and discussions, the Committee recommended
to the Board that the Compensation Discussion and Analysis be included in this Proxy Statement and
incorporated by reference into AIG’s Annual Report on Form 10-K for the year ended December 31, 2007.

Compensation and Management Resources Committee
American International Group, Inc.

Marshall A. Cohen, Chairman
Fred H. Langhammer
James F. Orr III
Virginia M. Rometty
Robert B. Willumstad, ex-officio
Frank G. Zarb, non-voting member

COMPENSATION DISCUSSION AND ANALYSIS
AIG’s compensation decisions for 2007 reflect the extraordinary market conditions in 2007 which
significantly affected AIG’s financial performance for the year. AIG’s net income for 2007 was $6.20 billion or
$2.39 per diluted share, compared to $14.05 billion or $5.36 per diluted share year for 2006. Included in 2007
net income were charges of approximately $11.47 billion pretax ($7.46 billion after tax) for a net unrealized
market valuation loss related to the AIG Financial Products Corp. (AIGFP) super senior credit default swap
portfolio. 2007 results also included significant net realized capital losses, primarily from other-than-temporary
impairment charges.
The Committee determined that compensation should reflect these conditions on a graduated basis, with
the performance compensation of more senior executives being more substantially affected. Accordingly, the
Committee significantly reduced the annual cash bonuses for AIG’s Chief Executive Officer, Chief Financial
Officer and the senior executives with direct responsibility for Financial Services and Asset Management
operations to reflect the impact on AIG of the results of those operations. In addition, the Committee negatively
adjusted the Partners Plan earnout for the 2006-2007 performance period, with AIG’s most senior executive team
receiving a larger negative adjustment than other executives. As a general matter, however, the Committee
determined that the AIGFP unrealized market valuation losses in 2007 (and future reversals of such losses)
would not be taken into account in determining the financial metrics applicable to the general bonus pool for
AIG’s senior executives or the amounts earned under AIG’s long-term compensation plans. The Committee
determined that it was more consistent with AIG’s expectations, and appropriate given the manner in which
AIG’s long-term compensation plans operate, to reflect any credit impairment losses on the AIGFP super senior
credit default swap portfolio realized by AIGFP if and when they are incurred.
The Committee’s decisions with respect to 2007 are discussed in more detail under the heading
“Compensation Decisions for 2007” below.

Objectives and Design of Compensation Framework
AIG’s compensation framework is designed to attract, motivate and retain key employees. The Committee’s
philosophy for achieving these goals was to:
• Emphasize “at risk” elements of compensation through the use of awards that will have value if AIG
produces strong financial performance and shareholder returns during current and subsequent
performance periods.
• Foster an owner/management culture through a partnership compensation approach that recognizes
career milestones and ensures senior management accountability for a variety of company-wide strategic
goals.

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• Align the long-term economic interests of key employees with those of shareholders by ensuring
that a substantial component of each key employee’s compensation and net worth is represented by AIG
Common Stock.
• Centralize administration and control over individual compensation components.
Multiple components reward balanced short-term and long-term performance. The nature of AIG’s
businesses requires its compensation programs to take a balanced approach to short-term and long-term
performance and to different types of long-term performance. AIG’s compensation framework for the executives
named in the 2007 Summary Compensation Table in “2007 Compensation” (named executives) uses four
performance-based components to emphasize the mix of performance measures that AIG believes need to be
addressed to deliver shareholder value: (1) annual cash bonuses, (2) time-vested equity awards,
(3) performance-based restricted stock units (Performance RSUs) under the Partners Plan and (4) long-term
performance cash awards under the Senior Partners Plan. The primary elements of performance rewarded by
these components are:
• Growth in adjusted net income and return on equity are yearly financial metrics considered in setting
the annual cash bonus pool for employees at the Senior Partner level. The annual bonus pool is also
affected by company performance against non-financial strategic and operational goals.
• Growth in adjusted net income (earnings) per share is the performance measure used to determine
the number of Performance RSUs earned under the Partners Plan and is measured over two-year periods.
• Growth in adjusted book value per share is used to determine the value of long-term performance cash
awards under the Senior Partners Plan and is measured over three-year periods.
• Growth in market price of AIG Common Stock determines the value of time-vested equity awards and
affects the value of Performance RSUs earned under the Partners Plan.
The three long-term components (time-vested equity awards, Partners Plan and Senior Partners Plan)
provide a hierarchy of reward opportunities that match key points in career growth, with employees progressing
on the basis of performance from participating in time-vested equity-based awards, to becoming a “Partner” in
the management group and, for select key employees, advancing to a “Senior Partner” level. Approximately
8,000 of AIG’s approximately 116,000 employees receive time-vested equity grants, approximately 700
participate in the Partners Plan and approximately 70 are Senior Partners. All of the named executives are Senior
Partners.
The three long-term components were designed to utilize different weightings of financial performance and
share price performance. The value of time-vested equity awards is entirely dependent on the market price of
AIG Common Stock. The value ultimately realized from an award under the Partners Plan depends on both AIG’s
financial performance (which determines the number of Performance RSUs earned) and the market price of AIG
Common Stock (which determines the value of each Performance RSU earned under the plan). Finally, the value
of an award under the Senior Partners Plan is entirely dependent on AIG’s financial performance (growth in
adjusted book value per share) and is not affected by the market price of AIG Common Stock.
AIG’s long-term compensation framework fulfills two principal objectives. First, it ensures that AIG, under the
management of a group of Senior Partners, must achieve a variety of performance goals to realize the full value
of long-term awards. Second, multiple performance goals provide a balance of financial and market incentives
covering annual, mid-term and long-term measurement periods.
The Committee considers the value of annual compensation opportunities, long-term cash-based
compensation opportunities and long-term equity-based compensation opportunities and compares these
values to the similar opportunities that AIG’s Senior Partners historically have received. This approach is
reevaluated periodically to ensure that it is consistent with the objectives of AIG’s compensation framework. In
addition, the opportunities that Messrs. Sullivan and Bensinger were eligible to receive in 2007 were determined
in part by the terms of their employment agreements.

23

Compensation Components
AIG divides compensation components into two general categories: direct compensation and indirect
compensation. For employees at the Senior Partner level in 2007 (which includes all of the named executives),
these components were:

Direct Compensation Indirect Compensation
• Base salary • Retirement benefits
• Annual cash bonus • Perquisites
• Time-vested grants of equity in the form of stock • Welfare benefits
options and RSUs • Termination benefits
• Performance RSUs granted under the Partners
Plan, based on two-year growth in adjusted
earnings per share
• Long-term performance cash awards granted
under the Senior Partners Plan, based on three-
year growth in adjusted book value per share

Direct Compensation Components
Base salary. Senior Partners, including the named executives, receive a relatively small portion of their
overall compensation as base salary. The Committee intends to pay base salary at a reasonable range around
the market median, based on demonstrated performance, responsibilities, tenure (including historic salary
levels) and individual experience. Base salaries are set at or below $1 million in order to be tax-deductible.
Annual cash bonus. Annual cash bonuses are intended to reward overall AIG, business unit and individual
performance during the year. The bonus paid to each participant in the executive bonus pool is generally based
on an assessment of business unit performance and individual performance for the year, taking into account the
individual’s target bonus level for the year.
In addition, to provide the overall AIG performance element, the Committee establishes the annual
executive bonus pool for participants (excluding the Chief Executive Officer) at the beginning of the year based
on a total bonus level intended to be comparable to market competitors. The annual pool is adjusted by the
Committee at year-end within a range of 0 to 150 percent based on AIG’s overall results relative to the current
year’s performance objectives, the prior year’s performance, market conditions and estimated performance of
competitors. This adjusted pool amount acts as a ceiling for the total annual bonuses to participants and
provides an overall AIG performance component.
Time-vested grants of stock options. AIG provides long-term equity-based compensation through time-
vested equity grants. AIG generally grants time-vested RSUs to employees below the Senior Partner level and
grants time-vested option awards to Senior Partners. The Committee has determined to grant options to Senior
Partners because options have value only if market price appreciates, providing a significant performance
component that is directly aligned with the market value of AIG’s stock.
AIG options are granted with an exercise price equal to the closing sale price of AIG Common Stock on the
NYSE on the date of grant. In 2007, the Committee followed its regular practice of making its yearly grant of
time-vested equity-based awards at its December meeting. For 2008, the Committee plans to make its yearly
grant of time-vested equity-based awards at a meeting during the first quarter of 2009 rather than in December
2008. For new hires, promotions and retention purposes, the Committee also granted equity-based awards,
primarily time-vested RSUs, at its meetings throughout the year. The authority to grant equity-based awards to
employees other than Senior Partners and executives under the purview of the Committee has been delegated
to any two of the Chief Executive Officer, the Chief Financial Officer and the Chief Human Resources Officer,
acting jointly.
Time-vested grants of RSUs. Historically, AIG paid quarterly cash bonuses to certain employees,
including the named executives. These quarterly cash bonuses also included cash compensation opportunities
previously provided by SICO and Starr. In November 2007, the Committee approved changes to the quarterly
cash bonus program as part of a transition away from this component of compensation. As of January 1, 2008,
salaries of participating employees other than Mr. Sullivan were adjusted to include up to $100,000 of the
amounts previously paid as quarterly cash bonuses. Those employees whose quarterly cash bonuses had been

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