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For initial reports of the Aflac action referenced below, see


New York Times, February 18, 2007 article


The New York Times
February 18, 2007



DEMOCRACY IN ACTION While Verizon, AT&T and other companies try to keep shareholders from voting on executive pay, one company said last week that it would let owners sound off on its compensation practices each year. Aflac Inc., the insurer, said it would give shareholders an advisory vote on pay in 2009. That is when they will have three years of pay history to analyze, based on new disclosure rules required by regulators.

Daniel P. Amos, Aflac’s chief executive, said he decided to get his company’s owners’ say on pay after it received a proposal advocating such a vote from Boston Common Asset Management, a shareholder. He took it to the board and called big and small shareholders to hear their views.

Were individual investors surprised to get a cold call from a C.E.O.? “The company was started by my family and I’m on a first-name basis with a lot of the original shareholders,” he said. “Some of them are in their 80s — they show up at shareholder meetings. I’ve always tried to keep them in the loop and build consensus.”

Interesting idea, that. GRETCHEN MORGENSON


Copyright 2007 The New York Times Company




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