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New directors for AIG at subdued annual meeting

AMERICAN International Group (AIG) got a new slate of government-backed directors at a subdued annual meeting yesterday, effectively revamping its board after the insurer&rsquo;s $180bn taxpayer bailout.<br /><br />The meeting attracted far fewer investors than in years past and wrapped up in less than an hour, with the outcome of company proposals all but assured by the fact that trustees appointed to oversee the government&rsquo;s nearly 80 per cent stake in the company can swing any vote.<br /><br />Only a handful of investors used the meeting as a forum to air grievances, even though it was the first public opportunity to address AIG management and directors since the company&rsquo;s implosion last September.<br /><br />Less than 200 investors attended the meeting, held in AIG&rsquo;s soon to be sold 72 Wall Street building, which was circled by security personnel. This was in sharp contrast to overflow crowds in years past.