AIG chairman and chief executive Hank Greenberg has slammed regulations that require companies to spend time on corporate governance issues.
Speaking at the International Insurance Society conference in New York, Greenberg said corporate governance has eroded job flexibility.
He said measures that require chief executives to oversee corporate governance issues could cause damage to the wider economy.
He added: "You cannot legislate crime away. The companies that misbehave should not have an influence on how companies that do not are run."
Greenberg also attacked proposed legislation that calls for a majority of independent directors on company boards.
He said: "There is no empirical evidence that outside boards perform any better."
