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SCHEDULE 14A
(RULE 14a-101)
INFORMATION REQUIRED IN PROXY STATEMENT
SCHEDULE 14A INFORMATION
PROXY STATEMENT PURSUANT TO SECTION 14(a) OF THE SECURITIES
EXCHANGE ACT OF 1934 (AMENDMENT NO. )
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CIGNA CORPORATION
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(Name of Registrant as Specified In Its Charter)
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Wilson H. Taylor [LOGO]
Chairman and Chief Executive Officer
CIGNA Corporation
OLP 55
1650 Market Street
Philadelphia, PA 19192-1550
Telephone 215.761.6001
Facsimile 215.761.5517
April 12, 1995
Dear Shareholder:
You recently received the CIGNA annual report and proxy statement. I wanted to
offer several additional comments in regard to the new long-term incentive plan
for which your approval is sought.
The basic objective of the new plan (which will supplement and eventually
replace CIGNA's existing stock compensation plan) is to further strengthen the
link between operational and share performance. Through the plan, well over
2000 executives, middle managers and professionals will be eligible to receive
stock awards. Particularly for senior executives, CIGNA has placed an
increasing emphasis in recent years on stock options as a preferred form of
stock-based compensation, and we expect options will continue to be an
important component of our overall compensation program.
This new plan will enable the Board of Directors to continue providing
competitive compensation designed to encourage growth in total shareholder
return by linking employee compensation to stock performance. In addition, the
plan permits CIGNA to maintain its tax deduction for certain types of incentive
compensation.
I would note that in the 12-month period ended March 31, total shareholder
return was 32% - a return greater than that of the S&P 500 Index. The new plan
is designed to contribute to further growth in total shareholder value.
I encourage you to vote to approve the long-term incentive plan. Should you
have questions, please give me or Don Levinson, the head of human resources
(215.761.6190), a call.
/s/ Wilson H. Taylor
