Investors’ anger in AMP vote

AMP has narrowly avoided a “first strike” against its remuneration report, as chairwoman Debra Hazelton acknowledged another “disappointing” year for shareholders.

Nearly 21 per cent of shareholder votes were cast against adopting the report at Friday’s annual meeting. AMP would have suffered a strike if 25 per cent of votes were cast against it. The count came as Ms Hazelton (pictured) acknowledged a “disappointing shareholder experience” through the year, which has seen the company shed a series of businesses in deals worth $2.5bn. Shareholder anger was palpable, with investors lobbing questions at Ms Hazelton about sales of several parts of the wealth manager. “When will shareholders see a return? “When will the gravy train for directors stop?” one asked. Another questioned: “Why give directors a pay rise when shareholders get stuff all?”

Ms Hazelton said while funds from recent deals would go to paying down debt, shareholders could soon see a return. She flagged AMP was examining a share consolidation, but that one would not proceed at this time. Ms Hazelton said AMP was looking at a special dividend to shareholders or a buyback and at the conclusion of the deals would look to review its ongoing dividend policy. AMP shares closed 2.2 per cent lower at $1.115 on Friday.