SCHIFFS

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AIG is an inherently complex cor-poration. Because of its unusualrelationships with three affiliatedentities StarrInternationalCompany, Inc. (SICO), Starr & Co.,Inc. (Starr), and the Starr Foundation itis all the more complex. Each Starr entityis a significant shareholder of AIG stock(collectively, they own 412,409,172 sharesworth approximately $ billion), andeach is majority-owned or controlled byretired AIG officers, with HankGreenberg serving as chairman, president,or director. AIG does not own any of theStarr decades, AIG s directors have notobjected to AIG s transactions and rela-tionships with the Starr entities. The exis-tence of the three Starr entities has neverbeen a secret, but much of what they dohas not been disclosed to the public, norhave many intercompany conflicts of in-terest been disclosed to AIG s sharehold-ers.

main a director of the company… Mr. Greenberg succeeds William S. Youngman, who also retired.” At that time, AIG was little more than a shell holding company.

  Company, Schiff