Weary investors reprieve AMP on executive pay
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AMP shareholders have handed the board led by chairman Debra Hazelton a rare win at a fiery annual meeting, passing the troubled wealth managerâs remuneration plan by a single percentage point in the hope that dividend payments will shortly resume.
Almost 24 per cent of the 1.8 million AMP shareholders voting at Fridayâs annual general meeting opposed the companyâs remuneration report, despite a historic 70 per cent protest vote against it at the 2020 AGM, just shy of the 25 per cent threshold that would trigger a vote to spill the board.
Shareholders acquiesced to the plan, sparing AMP an embarrassing second strike and spill motion, while punishing the company in Fridayâs trade, sending its share price down 2 per cent to a near all-time low of $1.12.
Push to kneecap super proxy advisers
Apr 30, 2021 – 9.30pm
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The influential advisory firm controlled by the $500 billion industry super fund sector would be kneecapped under a push by Treasurer Josh Frydenberg to regulate the way institutional shareholders vote on how companies deal with environmental, social and governance issues.
The proposed measures include forcing proxy advisers to give the companies they are reviewing a week’s notice of how they are recommending shareholders should vote and the research on which it is based. Firms would also have to give clients access to the company’s response.
Australian Council of Superannuation Investors president Ian Silk with chief executive Louise Davidson.
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Veteran company director and Future Fund board member John Poynton said he can help restore Crown Resorts to its former glory, insisting he always acted in the interests of all shareholders and is not a puppet for fallen casino mogul James Packer.
In his first public comments since the release of a damning report that found Crown not suitable to operate Sydneyâs second casino, Mr Poynton, one of few directors spared scathing criticism by former NSW Supreme Court judge Patricia Bergin, SC, said he approached his appointment by Mr Packer in 2018 as being part of a solution to repairing Crown.