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Aflac say-on-pay vote complete, 93% approve

by Atlanta Business Chronicle - May 05,2008

Aflac Inc. shareholders got their say on the insurance giant's executive pay packages, and an overwhelming majority approved.

Columbus, Ga.-based Aflac (NYSE: AFL) reported Monday 93 percent approved, while 2.5 percent disapproved and the rest abstained from the say-on-pay vote. The vote marked the first time in U.S. corporate history shareholders of a public company were given a say-on-pay vote on executive compensation.

Aflac gave nearly $32 million last year to the insurer's five top executives, including $14 million to longtime Chairman and CEO Dan Amos. Amos' total compensation included a $1.3 million salary, $2.8 million in stock awards, $5.6 million in stock option awards, $2.8 million in non-equity incentive plan compensation, $24,901 for personal use of company aircraft and $255,952 in personal security services. Amos got $14.1 million in total compensation in 2006.

Aflac's profit jumped 10 percent to $1.63 billion on $15.4 billion in revenue in 2007.

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© American City Business Journals Inc. All rights reserved.

 

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