Aflac Shareholders to Get Voice on Executive Pay

February 16, 2007 ( - Aflac Inc. has announced that it will allow shareholders to vote on the pay packages for the disability's insurer's top executives, but stopped short of making the vote binding, according to United Press International (UPI).

According to the news report, the company will start the advisory votes from shareholders in 2009 because that will be the first year executive pay tables in corporate proxy statements will contain three years of data, reflecting new U.S. Securities and Exchange Commission disclosure rules.

“Our shareholders, as owners of the company, have the right to know how executive compensation works,” chairman and chief executive Dan Amos told UPI. “The board’s action is in keeping with Aflac’s longstanding pay-for-performance compensation policy and our commitment to transparency at all levels.”

Sun Microsystems voted on a similar measure to keep a check on executive pay in November 2006 (See Sun Microsytems Shareholders Want Vote on Executive Pay ).