Get 40% Off
💰 Buffett reveals a $6.7B stake in Chubb. Copy the full portfolio for FREE with InvestingPro’s Stock Ideas toolCopy Portfolios

Australia's AMP avoids second shareholder vote against executive pay

Published 30/04/2021, 12:50 pm
© Reuters.
AMP
-

SYDNEY, April 30 (Reuters) - Shareholders of troubled Australian wealth manager AMP Ltd AMP.AX voted in favour 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 favour of the company's remuneration report at its virtual annual meeting, according to a tally presented online, just over the 75% required.

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.

"As we did not receive a second strike on the remuneration report, a spill motion will not be put to the meeting," AMP Chair Debra Hazelton told the meeting.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.