Aflac Moves Up 'Say-on-Pay' Shareholder Vote to 2008
November 14 2007 - 9:27AM
PR Newswire (US)
COLUMBUS, Ga., Nov. 14 /PRNewswire/ -- Aflac Incorporated today
announced that its board of directors has approved a resolution
that accelerates the adoption of what is commonly referred to as
"say on pay" to 2008. The say-on-pay resolution will give Aflac
shareholders an opportunity to cast a non-binding advisory vote on
the company's pay-for-performance compensation of the top-five
named executive officers. In February 2007, Aflac became the first
company in the United States to adopt a resolution giving
shareholders this type of advisory vote on compensation. At that
time, the company had indicated the first advisory vote would occur
in 2009 because it is the first year that executive compensation
tables in the proxy statement will contain three years of data that
reflect the Securities and Exchange Commission's new compensation
disclosure requirements implemented during the most recent proxy
season. However, after evaluating Aflac's compensation disclosures
in the 2007 proxy statement, the board of directors concluded two
years of comparable compensation data would be adequate for our
shareholders to make an informed vote. As a result, the board
changed the timing of the first say-on-pay vote from 2009 to 2008.
"We believe that our shareholders have embraced the expanded
disclosure on executive compensation and it gives them the
information they need to make an informed decision as they weigh
pay versus performance," said Dan Amos, Aflac Chairman and CEO.
"Aflac has a long history of generating strong returns for its
shareholders and we remain committed to being transparent and
responsive to our owners." From the time Mr. Amos became chief
executive officer in August 1990 through October 2007, Aflac's
total return to shareholders, including reinvested cash dividends,
has exceeded 3,863%, compared with 694% for the Dow Jones
Industrial Average and 582% for the S&P 500. During the same
period, the company's market value has grown from $1.2 billion to
more than $30 billion. Total revenues have grown from $2.7 billion
in 1990 to $14.6 billion in 2006. For more than 50 years, Aflac
products have given policyholders the opportunity to direct cash
where it is needed most when a life-interrupting medical event
causes financial challenges. Aflac is the number one provider of
guaranteed-renewable insurance in the United States and the number
one insurance company in terms of individual insurance policies in
force in Japan. Our insurance products provide protection to more
than 40 million people worldwide. Aflac has been included in
Fortune magazine's listing of America's Most Admired Companies for
seven consecutive years and in Fortune magazine's list of the 100
Best Companies to Work For in America for nine consecutive years.
Aflac has also been recognized three times by both Fortune
magazine's listing of the Top 50 Employers for Minorities and
Working Mother magazine's listing of the 100 Best Companies for
Working Mothers. Aflac Incorporated is a Fortune 500 company listed
on the New York Stock Exchange under the symbol AFL. To find out
more about Aflac, visit aflac.com. (Logo:
http://www.newscom.com/cgi-bin/prnh/20041202/CLTH019LOGO ) Analyst
and investor contact - Kenneth S. Janke Jr., 800.235.2667 - option
3, FAX: 706.324.6330, or Media contact - Laura Kane, 706.596.3493,
FAX: 706.320.2288, or
http://www.newscom.com/cgi-bin/prnh/20041202/CLTH019LOGO
http://photoarchive.ap.org/ DATASOURCE: Aflac Incorporated CONTACT:
Investors, Kenneth S. Janke Jr., +1-800-235-2667 option 3,
+1-706-324-6330 (fax), , Media, Laura Kane, +1-706-596-3493,
+1-706-320-2288 (fax), , both of Aflac Incorporated Web site:
http://www.aflac.com/
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