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AMP leadership skips bonuses

AMP's group leadership team will receive no-short term cash incentives for this financial year, a move that will cost them hundreds of thousands of dollars each.

Wednesday, March 20th 2019, 2:16PM

David Murray

In the financial services firm's annual report, chairman David Murray said the company understood investors were not happy with its performance.

Last year, two-thirds of shareholders voted against the remuneration report.

The group suffered an overall profit drop of 97% as it allocated millions of dollars for customer remediation as a result of poor advice practises uncovered by Australia's Royal Commission of Inquiry.

Chief executive Francesco De Ferrari, who started in December, was paid a total of A$1.28 million.

Jack Regan, the executive with responsibility for New Zealand, received A$492,000 in short-term cash incentives last year, on top of A$1.23 million in fixed remuneration.

This year, he receives no cash incentives - but pulls in A$1.07m in fixed pay and additional rights options and restricted shares.

Former chief executive Craig Meller and executive Rob Caprioli are forfeiting A$10.8m in unvested incentives, which AMP said reflected their accountability in the problems highlighted by the Royal Commission.

Tags: AMP

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