AMP leadership skips bonuses
AMP's group leadership team will receive no-short term cash incentives for this financial year, a move that will cost them hundreds of thousands of dollars each.
Wednesday, March 20th 2019, 2:16PM
David Murray
In the financial services firm's annual report, chairman David Murray said the company understood investors were not happy with its performance.
Last year, two-thirds of shareholders voted against the remuneration report.
The group suffered an overall profit drop of 97% as it allocated millions of dollars for customer remediation as a result of poor advice practises uncovered by Australia's Royal Commission of Inquiry.
Chief executive Francesco De Ferrari, who started in December, was paid a total of A$1.28 million.
Jack Regan, the executive with responsibility for New Zealand, received A$492,000 in short-term cash incentives last year, on top of A$1.23 million in fixed remuneration.
This year, he receives no cash incentives - but pulls in A$1.07m in fixed pay and additional rights options and restricted shares.
Former chief executive Craig Meller and executive Rob Caprioli are forfeiting A$10.8m in unvested incentives, which AMP said reflected their accountability in the problems highlighted by the Royal Commission.
| « Newpark signs deal to connect with migrants | Fidelity Life undecided on health plans » |
Special Offers
Comments from our readers
No comments yet
Sign In to add your comment
|
|
Printable version |
|
Email to a friend |
