Aflac shareholders vote Amos over $12M package

Shareholders of health and disability insurer Aflac have approved more than $12 million in compensation for Chairman and Chief Executive Dan Amos in the first stockholder vote on executive pay by a major U.S. company.

Aflac, which sells insurance in the USA and Japan, says about 93% of the votes approved the 2007 compensation package of the company's top five executives. About 2.5% were against it.

The "say on pay" announcement came Monday before a crowd of about 200 attending the annual shareholder meeting at the Columbus Museum.

The Associated Press reported two months ago that Amos received nearly $12 million in compensation last year, when the company's stock climbed to all-time highs. Aflac spokeswoman Laura Kane said Monday's vote included retirement benefits not included in the AP's calculation, bringing the total to $14.83 million.

Dan Amos (Courtesy Aflac)

Aflac, whose quacking duck television commercials have made it practically a household name, was founded in 1955 by Amos' father, Paul Amos, and Paul's brothers John and Bill. Dan Amos became CEO in 1990.

The Aflac board voted in February 2007 to give shareholders an advisory "say on pay" vote.
The insurer is one of several companies, including Verizon and Blockbuster, that have agreed to give shareholders a say in determining executive compensation.

"We were the first to agree to the vote and the first to actually hold it," Kane said.

Addressing the shareholders at the meeting, Amos said:

"With only two-and-a-half percent voting no, I am pleased that we are in the confidence and trust of the overwhelming majority of our shareholders.

"I want to assure you that our goal at Aflac has always been to be responsive to shareholders and to bring you value, and I thank you for your support," he said.

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(The Associated Press)

Aflac CEO to Forgo $2.8 M Bonus

Aflac Inc. says its chief executive is forgoing his $2.8 million bonus, while the company's chief financial officer has volunteered to trim his bonus by 35 percent, or about $477,000.

The Columbus, Ga.-based insurer said the compensation committee for the company's board of directors accepted the decision by Aflac Chairman and Chief Executive Daniel P. Amos, noting that the company's stock price has been hurt by market turbulence and doesn't reflect what it called a "strong operating performance in 2008."

Last year, Amos received a salary of $1.3 million and President and CFO Kriss Cloninger received a salary of $857,700.

Shares fell $1.21, or 7 percent, to close earlier at $15.80 - less than one-quarter of the $68.81 the stock traded at last spring before the market meltdown. Earlier this month the insurer reported a steep fourth-quarter profit drop and operating earnings that missed analyst expectations. Credit ratings agency Standard & Poor's also cut Aflac's financial strength rating to "AA-" from "AA" and its debt rating to "A-" from "A" last month.

(AP)

Credit crisis hammers Aflac, Synovus 3Q numbers

Columbus-based Aflac Insurance and Synovus Financial Services are both reeling from the nationwide economic crisis.

Just-released third-quarter statements by both firms showed massive losses in investments and income from the same period last year.

Synovus's net income nosedived 85-percent to $66 million dollars over loan losses and defaulted mortgages.

Similarly, Aflac's net income tumbled 76-percent to $100 million dollars.

The insurer had close to 400 million dollars in shares in Lehman Brothers, Washington Mutual and Ford Motor Company, among others.

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Forbes adds Aflac to 'best-managed' firms list

Forbes magazine has chosen Georgia insurance giant Aflac as one of America's best-managed firms.

This also makes the ninth year the American Family Life Insurance Company of Columbus has made the financial magazine top 400 Big Business grade.

The 53-year-old family-run business is a Fortune 500 company, with some 40 million policyholders worldwide.

Forbes editors chose the company based on an array of data covering one to five years, that include sales growth and stock market returns.

AFLAC CEO Dan Amos, last month announced he was foregoing a 13-million dollar, “golden parachute” severance package as a goodwill gesture in light of the nation's severe economic situation.

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AFLAC chief rings NYSE bell

The CEO of Columbus-based AFLAC rang the closing bell of the New York Stock Exchange today. Dan Amos also appeared on CNBC at 4:30 with Maria Bartiromo and Dylan Ratigan.

Aflac: $2M to lobby Washington in '07

Health and life insurance company Aflac Inc. spent $2 million lobbying the federal government the first half of 2007, according to a disclosure form.

The Columbus -based company lobbied Congress on a bill to expand health insurance for low-income children, an American Indian health care bill and other insurance-related issues, according to the disclosure form posted online Aug. 14 by the Senate's public records office.

Under a federal law enacted in 1995, lobbyists are required to disclose activities that could influence members of the executive and legislative branches. They must register with Congress within 45 days of being hired or engaging in lobbying.

(The Associated Press)

Columbus Job Fair: Officials Optimistic, Despite Cuts

Applicants looking for work throng the hall of the Columbus Trade and Convention Center, on Thursday, Feb. 5, 1009. (Photo: Dave Bender)

More than 2,500 job-seekers attended a job fair held in Columbus Thursday. Employers from the area, as well as out-of-state and national firms were at the event, held at the city’s convention center.

Department of Labor officials say some 55 companies, from Aflac and local hospitals, to local and Atlanta MARTA police departments, to Georgia Power and employment agencies are taking job applications.


Miguel Flores (facing) of Fort Benning assists a job-seeker at the Columbus job fair, on Thursday, Feb. 5, 2009. (Photo: Dave Bender)

Fort Benning's Warrior Transition Battalion has a representative here as well, to aid troops in making the sometimes complex conversion from uniform to civvies.

There are also representatives from an Immigration and Customs Enforcement detention center in nearby Lumpkin, and the Florida Highway Patrol.

The large-scale fair is held several times a year, and Labor Department officials say while the turnout by employers is a little more than half last year's showing – they’re optimistic that employers and applicants will be introduced to each other.


Applicants submitting resumes to company online websites. (Photo: Dave Bender)

To that end, they’ve set up a bank of computers for applicants to go directly to the companies’ websites, and set up interviews there, as well.

Many of the job-seekers are either in, or soon after college, and some have recently completed military service.

Celeste Edge of Columbus is looking has a degree in Communications and wants a position in her field:

"It’s been ok; I’ve talked to a couple of people who seem a little promising, like the hospital and one of the staffing agencies who thinks they might be able to place me – but, you know – I’m just hoping for the best."

There were many resumes and handshakes, and many people filled in applications online.

Jim Huntzinger of the DOL is one of the fair’s organizers, and says they’re trying hard to lower jobless rates:

"We have 55 employers here, with, as i say, with the economic situation, is, I think, fantastic. And it’s 55 employers that have jobs."

Some came away frustrated from the experience, though.

Eric Harris of Columbus recently finished the Army and is studying criminal law at Troy University; he got a lot of what he calls “headnoes”:

"...that’s everybody shaking their heads, saying, ‘No; go online; we don’t have any applications, we’re not hiring…so it’s like, I’m very discouraged at this point so I’m just thinking about dropping school and going back in the military – and I’m, not the only one feeling like this. There’s a lot of others in there stressing the same thing about their feeling the same disappointment at this job fair – they need to do better."

About 3,000 people turned out for last year's job fair, and Department of Labor officials say they’ll hold a similar job fair in May.

Kia Motors' tier-one supplier, Sewon American, will accept applications for 400 to 600 production workers for a car parts factory that will open in a few months.

They'll be taking applications next week in Lagrange.

The Kia plant in West Point is about half an hour north of Columbus, and is set to open its doors in the late fall.

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New air service to Columbus

The Eclipse 500 is part of a new airplane category called "very light jets," and carries three passengers at speeds up to 425 mph — faster than the average propeller plane its size. (Wilfredo Lee/AP file)

A regional business air-carrier has just added Columbus to its roster of destinations in Georgia and across the southeast. DayJet bills itself as the world's first per-seat, on-demand jet service.

The carrier currently serves 45 destinations across the southeast, catering to business travelers able to pay premium prices. For example, a hop between just-added destinations, Columbus and Savannah, runs between $300 and $1,000 dollars.

While DayJet is aimed chiefly at Columbus's executive clientèle like AFLAC and Synovus, Georgia Third District Congressman Lynn Westmoreland says the increased flight options will bolster smaller industries, as well:

"With the hassle of airports and major hubs, now, we just think this is going to be the access for a lot of businesses; some of these businesses in outlying areas to have a chance of promoting business and getting people to come to their area, because they'll now have this transportation for people within the business."

Westmoreland, who sits on the Transportation and Infrastructure Committee, and the aviation subcommittee says Ft. Benning's planned expansion will also benefit from the increased air traffic.

The training post is expected to see over 30,000 troops and dependents moving to the area over the next three years, as part of the Army's base relocation project:

"With the expansion of Ft. Benning, and all the things that Ft. Benning is doing, and the armor division coming down, and the new infantry museum... we just think that there needs to be just a little bit better regional service to the Columbus area. I think, right now, Delta has maybe two flights a day."

Westmoreland says DayJet may create a market more attractive to carriers like Delta, Airtran or Southwest.

A company spokesman says they'll be announcing other Georgia destinations in coming weeks.

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