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4 Read the extract below. AMP shareholders vent anger at AGM - Charlotte Grieve, The Age, 21 May 2022 AMP Limited chair Debra Hazelton copped
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Read the extract below. AMP shareholders vent anger at AGM - Charlotte Grieve, The Age, 21 May 2022 AMP Limited chair Debra Hazelton copped a barrage of heated questions from angry shareholders about the company's falling share price, nonexistent dividends and bonus payments to key executives during a tense annual general meeting. Just over 20 per cent of shareholders voted against AMP's remuneration report yesterday, which is below the 25 per cent required to record a 'strike' against executive pay, but represents a significant protest vote. Over more than two hours, AMP's selfdescribed "long-suffering" shareholders grilled management on topics ranging from Russian divestment and climate change to expenses, the corporate strategy and solvency of the business. According to AMP's remuneration report, the company failed to meet targets to deliver financial results yet executives received short-term cash bonuses ranging from $111,600 to $274,000 for the year. AMP shareholders did not receive a final dividend for the second time in the past five years. The Australian Shareholders Association, which represents 380 AMP shareholders with 2.8 million shares, voted against the remuneration report. ASA's Julieanne Mills said the organisation would like to see bonuses tied more closely to financial results. "They didn't make a statutory profit," she said. "From a shareholder perspective, there's still a lot of loss that we're covering." Required: Comment on the purpose of a remuneration report and the shareholder reaction to the AMP remuneration reportStep by Step Solution
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