In a week of high-profile departures, one of the most powerful figures in the insurance industry has stepped down along with his firm’s chief financial officer in a boardroom shake-up triggered by an accounting investigation into American International Group.
Link: In-depth: Sarbanes-Oxley
President and CEO Maurice ‘Hank’ Greenberg and CFO Howard Smith, who, according to AIG, has ‘gone on leave’, have been replaced by Martin Sullivan and Steven Bensinger respectively – a move that caused the insurer to delay its 2004 accounts.
In November last year, AIG paid US authorities $126m (£67m) to settle an accounting probe, however, it faces further investigations.
AIG said its 2004 financial results would be delayed by ‘the management changes… as well as the company’s ongoing review of the accounting for certain transactions’ which was started in connection with ‘previously announced regulatory inquiries’.
AIG was due to publish its 2004 figures on Wednesday.
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements