No incentive applies if Francesco has left the building
Outsider well understands that diligent corporate house-keeping waits for no-one and, at times, can be quite revealing.
Thus, he notes that exactly two weeks after the April Fool’s Day confirmation that AMP Limited chief executive, Francesco De Ferrari would be, as predicted, leaving the building the corporate house-keepers got around to adjusting the documentation for the AMP Annual General Meeting.
In a brief, but nonetheless eloquent, announcement to the Australian Securities Exchange (ASX) AMP noted that the board “confirms the withdrawal of Resolution 4 from its 2021 Notice of Annual General Meeting which relates to approval of a long-term incentive for the chief executive officer”.
“As announced on 1 April, 2021, Francesco De Ferrari will retire from the role as the company completes its portfolio review,” the ASX announcement said.
AMP shareholders were assured that the withdrawal of the aforementioned Resolution 4 would not affect the status of their proxy documents.
All of which must have come as a great relief to the shareholders who might have spent the early weeks of April pondering just how long the board had originally envisaged De Ferrari would be hanging about.
Perhaps we will never know what Francesco’s proposed long-term incentive would have looked like, and we’ll now certainly never know whether he’d have earned it.
AUTHOR
The Outsider
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