AMP cops a record protest vote as company issues unreserved apology to Australia
Updated
AMP has received the largest shareholder protest vote for a major company in Australian corporate history, amid the ongoing fallout from its disastrous appearances at the bank and financial services royal commission.
More than 61 per cent of votes were directed against the adoption of the company's remuneration report.
While a largely symbolic or "advisory" vote, it is a measure of the extraordinary anger AMP has generated among its owners since the fee-for-no-service scandal erupted at the commission.
A second strike of more than 25 per cent voting against the remuneration report at next year's AGM would trigger an automatic spill of all board room positions.
The previous highest protest vote for a Top 50 company was a 49 per cent rejection of CBA remuneration report in 2016, while QBE suffered a 45 per cent protest vote earlier this month.
More to come.
Topics: company-news, insurance, banking, royal-commissions, australia
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