AMP shareholders furious over executive's million-dollar pay packets

Chief executive Francesco De Ferrari was paid about $4 million in base salary and short term rewards, according to AMP.

AMP shareholders furious over executive's million-dollar pay packets

AMP shareholders, denied dividends for 2019, have served a first `strike' on the hefty pay packets of the beleaguered financial giant's executives.

More than 67 per cent of shareholders voted against the board's remuneration report for 2019, in a webcast annual general meeting.

AMP in February slumped to a full-year net loss of $2.5 billion after impairments and a sagging wealth management division and said it will not pay a final dividend.

It had also not paid an interim dividend.

Chief executive Francesco De Ferrari was paid about $4 million in base salary and short term rewards, according to AMP.

AMP non-executive directors were paid $3.79 million as a group.

The shareholders' vote does not stop these payments, but puts pressure on the board of directors to retain their positions at the next meeting.

Under the `two strikes' rule, if more than 25 per cent of shareholders vote against two consecutive remuneration reports, it triggers a vote on a board spill.

Chairman David Murray noted the first 'strike' and said the board would carefully consider the issues raised for remuneration decisions in 2020.

The former Commonwealth Bank boss spent considerable time justifying the pay packets and replying to shareholders' criticism.

"It's extremely important we retain key people and their knowledge at this critical time," he said.

He said the pay reflected the size of the challenge ahead for AMP.

Many people had been confused by statutory reporting of Mr De Ferrari's pay, according to Mr Murray, which appeared much higher than what it was.

He said board members' fees were reduced by 8 per cent in 2019.

Mr Murray's chairman fee was reduced to $660,000.

AMP is still repaying customers for inappropriate advice, and for charging customers for advice they never received, as found by the Hayne Royal Commission into the financial sector.

Earlier on Friday, AMP announced it would shelve a decision to divest its New Zealand wealth management operations, following the economic disruption of the COVID-19 pandemic.

The financial services provider told the market it would instead retain and grow the business.

Offers were made for the business, but these did not meet expectations, the company said.

The company had in 2018 said it would divest the Kiwi operation and had planned an initial public offering, but later reneged on proceeding with that route.

AMP is due to provide its first-half results in August.

By 1515 AEST, AMP shares were trading 5 cents or 3.7 per cent higher, at $1.42 each.

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Source : 9 News More   

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Bodycam footage shows cops grappling with alleged rifle-armed man

Two police officers have grappled with a man who allegedly threatened them with a rifle in Western Australia.

Bodycam footage shows cops grappling with alleged rifle-armed man

Two police officers have grappled with a man who allegedly threatened them with a rifle in Western Australia.

The officers were patrolling known drug houses in Esperance on the state's south coast when they asked a man in a Landcruiser to pull over.

The driver allegedly tried to flee instead.

After eventually stopping the car, the driver allegedly left the vehicle carrying a rifle.

Bodycam footage appears to show the two officers closing in and grabbing the gun, putting themselves in danger.

"The fact that the firearm was loaded makes this particularly confronting," Deputy Police Commissioner Gary Dreibergs said.

The officers finally managed to wrest the weapon away.

Gerald Henning, 54, is now facing 10 charges including intent to harm.

Police allege a search of a Westmacott Street home after the arrest uncovered drugs, ammunition and a taser.

"We don't know what was in the mind of the alleged offender," Deputy Commissioner Dreibergs said.

"We don't know what could've happened if the weapon wasn't initially grabbed by the first officer at that scene."

The two officers will be recommended for bravery awards.

Source : 9 News More   

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