Aflac, the $25 billion insurance company, just voluntarily
implemented a shareholder ‘say on pay’ clause that will begin in 2009. Dawn
Wolfe, of Boston Common Asset Management, sent such a proposal to be included
in Aflac’s proxy statement; however, instead of resisting, as companies such as
Verizon and Qwest have done recently, the board agreed and adopted the proposal
without necessitating a shareholder vote on the matter.
This decision, the first of its kind, is seen as keeping
with Aflac’s focus on being a shareholder-friendly company, and it could signal
the beginning of a new trend as companies look to satisfy shareholder demands
in the interest of public relations.