Australia's AMP Ltd on Wednesday said it will not pay short-term bonuses to...
) on Wednesday said it will not pay short-term bonuses to most executives, a move that could help it avoid possible board removal should investors vote against its remuneration practices for the second consecutive year.
The country’s largest listed wealth manager has been embroiled in accusations of deception at a government-mandated inquiry into misconduct in the financial sector. The business subsequently lost its chairman and chief executive officer and haemorrhaged billions of dollars in funds. “Reflecting the circumstances of last year, the board decided to award zero short-term incentives for AMP’s group leadership team in 2018,” excluding unit AMP Capital, which was not directly connected to any accusations raised in the inquiry.AMP believed shareholders had voted against pay plans last year in response to “wider issues” in the business as well as concerns about its remuneration framework, which was now being re-designed, Murray said.
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