Aflac shareholders get 'say on pay' vote

Aflac Inc.’s directors have released the proxy statement inviting its shareholders to vote on performance-based compensation. This move marks the first time shareholders will vote on executive compensation for a major American public company, the Columbus, Ohio-based carrier said in its announcement. Results of the vote will be announced during the annual shareholders meeting in the company’s hometown of Columbus on May 5. In February 2007, Aflac said that it would have the “say on pay” vote in 2009 — the same year the Securities and Exchange Commission’s new pay disclosure requirements would kick in — and reveal three years of compensation data on proxy statements. However, the carrier’s board of directors felt that two years of compensation numbers would be sufficient for shareholders, moving the date of the “say on pay” vote to 2008 from 2009. “We concluded that the expanded disclosure of compensation information to be provided in this proxy statement would already provide our shareholders the information they need to make an informed decision as they weigh the pay of our executive officers in relation to the company’s performance,” Aflac noted in its proxy statement.