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Maurice "Hank" Greenberg, former Chairman and CEO of AIG Insurance, speaks at the Wall Street Journal Deals & Deal Makers conference, held at the New York Stock Exchange, June 27, 2007. REUTERS/Chip East

NEW YORK (Reuters) - Maurice "Hank" Greenberg, the former head of American International Group Inc, said in an interview on Wednesday he voted against the re-election of the company's board because directors have not made sure management met expectations.

"I represent the largest shareholders, and the shareholders own the company, not the board," said Greenberg, 83, in an interview with Reuters at his Park Avenue office.

Greenberg, through companies that he controls and a personal stake, holds about 12 percent of outstanding AIG (AIG.N: Quote, Profile, Research) shares.

"The performance is very, very poor," he added. "We voted against the board because (it) has a responsibility to make sure management meets their responsibility, which is returns to shareholders, and that has not been done."

AIG (AIG.N: Quote, Profile, Research) Chairman Robert Willumstad said Wednesday the giant global insurer's directors stood behind management, including Chief Executive Martin Sullivan, fending off concerns raised by investors frustrated by two quarters of record losses.

Sullivan, who replaced Greenberg as chief executive about three years ago, told investors he realized there was frustration over record losses over the past two quarters, but pledged to turn things around.

Greenberg spoke to Reuters following AIG's annual meeting on Wednesday. He said he chose not to attend the meeting.

Greenberg said he did follow the event, which was webcast. "It was almost a staged affair... It was a little more comprehensive and substantive in the past," he said.

In a May 11 letter, Greenberg asked the company to postpone the meeting to give shareholders more time to digest the $7.8 billion loss recorded in the first quarter, and what to do about it.

Greenberg said AIG turned down his request for a delay, citing too little time, and the high cost of rescheduling. "Given the amount of money that has been lost, that seems ironic," he said.

While a handful of investors did ask questions of AIG's board and management, Greenberg said he felt investors would have been more probing if they had had more time. AIG reported its first-quarter loss last Thursday, and held the annual meeting this week, as is customary.

He has not been back to his old work place in recent years, calling the environment "hostile."

Greenberg said he doesn't currently have plans to sell the AIG holdings that he controls, citing the low price.

AIG shares have fallen more than 40 percent over the past year. The shares closed 28 cents higher at $39.44 on Wednesday on the New York Stock Exchange.

Greenberg, who ran AIG for nearly four decades, parted ways with the company in 2005, amid an accounting scandal.

(Reporting by Lilla Zuill; editing by Jeffrey Benkoe )