Bonus-obsessed insurer seeks approval to pay 40 managers
AIG has sought approval from Washington's newly-appointed compensation czar Kenneth Feinberg to pay millions in new bonuses on 15 July, Reuters reports.
AIG must convince Feinberg "they have struck the right balance to discourage excessive risk taking and reward performance for their top executives," Treasury spokesman Andrew Williams said in a statement.
"That process is just beginning now, and Feinberg has begun consulting with those firms about their compensation plans," the statement said, adding the Treasury will not "provide a running commentary on that process."
40 to share $9m
The payments AIG is set to make next week were previously disclosed. About 40 senior managers were awarded some $9m in performance bonuses for 2008 but payments were to be partly staggered throughout 2009, and contingent on certain targets related to AIG's restructuring.
In total, AIG last year agreed to pay in excess of $1bn in retention payments and performance bonuses to employees.
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