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.
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