AMP’s ‘sorry’ team in pay hit

FURIOUS shareholders have condemned AMP, voting down its executive pay package at a fiery annual meeting in which the board was told some investors wanted them “on a spit”.

A total of 61.5 per cent of shareholders voted against the adoption of the wealth management giant’s remuneration report — one of the biggest ever “no” votes against an Aussie company’s pay report.

Only 38.5 voted in favour in a meeting which sent AMP’s share price to a six-year low.

The vote issues a “first strike” against the 169-yearold company and creates even more pressure on the struggling AMP board. Another “no” vote could result in a board spill.

Director Andrew Harmos was re-elected to the board despite a 37.7 per cent vote against him returning. AMP chairman Mike Wilkins repeatedly apologised to more than 500 shareholders gathered in Melbourne.

He said the behaviours aired at the banking royal commission were “at odds with what AMP stands for”.

“We are truly sorry,” he said.

“We have let you down and we have let the community down ... the issues highlighted are unacceptable.”

Mr Wilkins, who took over as chairman a fortnight ago, said the board would look to shake up remuneration policies after the “no” vote.

He added that while half of the board members had left the company in recent weeks, the board composition will look “very, very different compared to how it looks today” in the coming year.

Mr Wilkins faced angry shareholders who have seen more than $4 billion stripped off the value of the company since accusations emerged that AMP lied 20 times to the Australian Securities and Investments Commission.

Shareholder Brian McLure asked why the directors who had already quit amid the scandal were not present to face shareholders.

“Did they leave because they were embarrassed and ashamed — or did they just flee?” Mr McLure said.

Shares in AMP lost another 2.9 per cent yesterday to close at $3.96.