Huge payouts not covered by “no bonuses” promise.
The Financial Times has reported that just one day after announcing strict limits on salaries and bonuses for its top tier of executives, AIG has revealed that some of those executives will receive millions in “retention bonuses” next year of as much as $3m (£2m).
The FT reports that in a regulatory filing on Wednesday, AIG disclosed that Jay Wintrob, an executive vice-president, had put off receiving the first instalment of his $3m retention bonus from December to April 2009.
He will receive the second instalment, originally scheduled to be paid out in December 2009, in April 2010. David Herzog, AIG’s chief financial officer, also opted for the later payment schedule.
The bonuses, for 130 staff, were announced in September, after the US government rescue package.
The FT reports AIG as saying that retention bonuses were different from the annual bonuses included in Tuesday’s statement.
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