A.M.P.

[cods]

[urlhttps://www.dailytelegraph.com.au/business/shar ... c773e4015d][/url]

FURIOUS shareholders have blasted the AMP board, telling directors they should be “roasted on a spit” over the decline of a once-great Australian company.

Anger flowed at the wealth management giant’s annual general meeting over a $4 billion collapse in the share price following admissions it stole from its own ­clients and lied to regulators.

One investor who took to the microphone during 2 ½ hours of grilling said many in the room wanted the heat put directly on the directors.
Mum and dad shareholders … they would probably like to have you people roasted on a spit at the moment,” said shareholder Ian McKenzie.

To which acting executive chairman Mike Wilkins replied: “On a spit I don’t think I would be very tasty.”

Another called for directors’ fees to be cancelled, while a third wanted to know why the departing chair Catherine Brenner and other resigned directors did not turn up to the meeting to ­answer questions about the crisis sinking the company.

“Did they leave because they were embarrassed and ashamed — or did they just flee?” asked shareholder Brian McLure.

Many called for the executive and board to be punished by cutting pay and fees and repealing bonus payments while the company rehabilitated its operations and shredded reputation.

Shareholders also overwhelmingly voted against the company’s remuneration policy, triggering the corporate humiliation of a “first strike” against the company.

Former NSW premier Nathan Rees, now assistant secretary of the Finance Sector Union, blamed the board for “an extraordinary trashing of a once-great brand”.

“Most importantly you have lost billions of dollars for the people in this room,” Mr Rees said. He questioned whether it was enough for ­directors’ fees to be cut by 25 per cent and asked whether directors had instead offered to forego their fees entirely.


I wonder if it can recover.....we are a lot wiser today ...

and as the report says the culprits that have already left are able to walk away scott free.... no even required to face a General Meeting of share holders...how bloody rude and arrogant

[sprintcyclist]

AMP has been an underachiever for decades.

It should go the way of the Dodo

[cods]

you have such simple ways of dealing with things sprint..

maybe you should run for EL next election.

[sprintcyclist]

Thanks.

In 2008 amp shares were $7.50, today they are less than $4.00

So it has taken a decade to lose about 40% of your money ........
And, this is one of the best sectors in our market.

[Black Orchid]

Company execs need to be held accountable instead of being paid ridiculous sums for incompetency.

[cods]

Company execs need to be held accountable instead of being paid ridiculous sums for incompetency.

their incompetence was directed at their customers BO not their shareholders.....the shareholders have only just learnt of it the same as everyone.

its disgusting all round..... and looking at this meeting it looks like those who walked away... will get away with it.....

where is there any accountability in this country?

[Black Orchid]

It really doesn't matter much where there incompetency was directed. Either way, customers and shareholders will pay the price in the long run.

[cods]

It really doesn't matter much where there incompetency was directed. Either way, customers and shareholders will pay the price in the long run.

but what they did!!!!!! shouldnt there be consequences for them ?????

not just to pick up their bags and walk away!

[Black Orchid]

It really doesn't matter much where there incompetency was directed. Either way, customers and shareholders will pay the price in the long run.

but what they did!!!!!! shouldnt there be consequences for them ?????

not just to pick up their bags and walk away!

Indeed, which is why I say they should be held accountable.

[Rorschach]

The board of Directors control the CEO pay and bonuses... but where the hell do they get the board members from and how can they be members of multiple boards?