AIG Vies for Seats on 20th Century Board

20th Century Industries is battling attempts by its largest investor to oust most of the insurance company’s board of directors. American International Group Inc., which owns 51% of the Woodland Hills-based insurer and occupies two appointed seats on the 10-member board, demanded earlier this week that 20th Century call a special meeting to replace the other directors and increase New York-based AIG’s representation. 20th Century said that such a meeting was unnecessary and that it planned to continue negotiating with AIG over the issue. “The board has to represent the interests of all shareholders,” said 20th Century spokesman Ric Hill. “It has to be an independent board rather than having someone in particular trying to control the entire board.” AIG spokesman Joe Norton declined to comment. On the New York Stock Exchange, AIG shares fell 75 cents to close at $91.31; 20th Century shares fell 81 cents to $25.38.