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.
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Analyst and investor contact - Kenneth S. Janke Jr., 800.235.2667 - option
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Media contact - Laura Kane, 706.596.3493, FAX: 706.320.2288, or
SOURCE Aflac Incorporated
CONTACT: Investors, Kenneth S. Janke Jr., +1-800-235-2667 option 3,
+1-706-324-6330 (fax), firstname.lastname@example.org, Media, Laura Kane, +1-706-596-3493,
+1-706-320-2288 (fax), email@example.com, both of Aflac Incorporated