AMP’s top executives on ‘retention payments’

AMP Limited has revealed it is paying some of its most senior executives retention payments to ensure they remain aboard the big financial group.

The retention payments have been revealed by AMP chair, Debra Hazelton ahead of the company’s annual general meeting and come despite AMP having earlier notified shareholders that the chief executive and key management personnel would not be receiving short-term incentives.

It said this was to align remuneration with shareholder outcomes.

However, Hazelton said that “in recognition of the potential risk of losing key executives during the portfolio review process, the board has approved some limited retention payments to be paid later in 2021”.

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Reading the 2020 Annual Report, curious to see on page 2 "the company has over 5,900 employees".
A smaller and shrinking business has roughly the same number of people as over the last several years?

SO Executives and Senior Management of Financial Services companies, caught in the spotlight and investigated for dodgy practices, are able to pay large "bonues", "lump sum rewards" for just hanging around???? Wow, that's not a bad gig....All the while we have the former BIG Financial Services Companies/Licensee's going after the little guys, the small businesses and demanding they pay back fees because the "Executives" make a unilateral decision to give clients money back as a PR exercise...???
Oh, and ASIC raise the levy prices, hit the small businesses to pay for the costs of doing nothing against the BIG businesses who are paying bonuses to keep their Executives.....Round and round the merry-go-round...

So bonuses in another format? I'm not sure they are getting value for money. I'm not convinced that others are head hunting senior AMP executives, looking at their track record they are not doing a good job, why would you want them? Some would say it is almost like a salary/fee for no service.

It's the time of year that AMP employees are usually getting their bonuses paid and their new salary starts. I gather the local bars and restaurants will be heaving with AMP employees stimulating their local economies.

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