Australia's most prominent retail shareholder group said on Wednesday it wi...
SYDNEY - Australia’s most prominent retail shareholder group said on Wednesday it will vote against AMP Ltd’s executive pay proposals for a second straight year, adding to pressure on the board of the country’s largest listed wealth manager.
AMP investors last year voted overwhelmingly against its executive pay plans in the wake of damaging revelations of board-level misconduct, setting the firm up for a possible board shake-up if a significant protest vote is repeated this year. The wealth manager will face disgruntled shareholders at the AGM where they will also vote on the election of Chairman David Murray, who has been criticized over the sale price of the company’s life insurance arm.
“The failure to seek shareholder approval of the sale of the life business also provided little comfort,” it said.The 170-year-old company has been embroiled in accusations of deception at a government-mandated inquiry into misconduct in the financial sector.
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