AMP looks at alternative structures for advice network

AMP Limited’s most senior executives missed out on receiving long-term incentive pay-out last year and the company says there are no immediate plans to change or reduce existing potential remuneration levels.

At the same time, the company has told shareholders that its advice business has continued to reduce costs and improve efficiency “as we make good progress to establish Advice as a sustainable, standalone and professional business”.

AMP chief executive, Alexis George said the company remained focus in achieving break-even in advice, noting “we are continuing to look at alternate structures with our adviser network”.

AMP Limited’s outgoing chair, Debra Hazelton told the company’s annual general meeting that not only had AMP reduce the number of key management personnel but that short-term incentive outcomes had been lower in 2023.

As well, she said that although long-term incentive plans had been performance tested in 2023, no pay-outs were made.

“There are no immediate plans to change or reduce existing potential remuneration levels for the current high performing executives,” Hazelton said. “However, the levels will likely be re-set when considering succession planning.”

“Of course, it is always important to balance this with the need to attract the right talent to continue to successfully execute on AMP’s strategy,” she said.