Shareholders of AMP, one of Australia's largest retail and corporate pension providers, recently voted against the company's executive remuneration plan. They pointed to the firm's low share price, which has fallen by 75% following the Hayne Royal Commission's allegations of misconduct against the company.
Nearly 50% of shareholders voted against the remuneration plan, well exceeding the required threshold of 25% for an official strike. Under the Australian Securities Exchange "two-strike" rule, if shareholders were to vote against the plan again next year, it would trigger a vote for a board "spill" — where the board's directors must stand for reelection.
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