AMP avoids second strike, despite âdisappointingâ year
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Wealth giant AMP has narrowly avoided a second strike against executive pay, despite a fiery annual meeting where shareholders probed the boardâs competency and track record.
Almost 24 per cent of shareholders voted against AMPâs remuneration report, just shy of the 25 per cent needed for the second strike that would trigger a vote to spill the board.
Last year, more than 67 per cent of shareholders voted against AMPâs remuneration report, and the company was bracing for a second strike following influential proxy firm ISSâs âagainstâ vote recommendation.
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SYDNEY Shareholders of troubled Australian wealth manager AMP Ltd voted in favor of the company’s executive pay program by a narrow margin on Friday, sparing the company a further vote on whether to remove its entire board.
Owners of 76.2% of AMP shares voted in favor of the company’s remuneration report at its virtual annual meeting, according to a tally presented online, just over the 75% required.
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Under Australia’s “two strikes” rule, shareholders may vote to remove a company’s board if they vote more than 25% against the remuneration report for two years running, and AMP received a first strike in 2020.
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Apr 28, 2021 â 3.43pm
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AMP Capital has appointed Michael Gray, a former leader of investment strategy with Commonwealth Bankâs insurance arm, to head the groupâs New Zealand investment team as it ramps up the sale of its global equities and fixed-income operations.
Although AMP Capital is looking to sell its global equities and fixed income (GEFI) business as it draws up plans for a listed spin-off of its private markets business, Mr Gray will lead investments in New Zealand in an interim position until October this year.
AMP has found it hard to attract staff since it was hit by a sexual harassment scandal last year. Â