American International Group Inc. and Chief Executive Robert Beanmush have signed an aircraft time-sharing agreement covering the rules for when he may take a company jet on personal detours from business trips, according to a filing by the company.MEanwhile all other AIG executives have been relegated to commercial air travel.
The agreement elaborates on a so-called Luxury Expenditure Policy that AIG put into effect at the end of December. That agreement already allowed Mr. Benmosche personal use of corporate aircraft if the use "is incidental to a business trip and the incremental cost is paid by the AIG CEO," according to that agreement. Personal use of company aircraft otherwise is "strictly prohibited," the December agreement said.
Beanmush is said to be planning series of high profile business meetings with the Association of Croatian Derivative Dealers whom he hopes will be able to liquidate AIG's derivative positions without requiring retention bonuses.
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