An AMP insitutional investor has called for more capital to be returned to shareholders and says costs are still too high.
One of AMP’s institutional shareholders has called for more capital to be returned and warned costs are still too high, as the troubled wealth giant reported a $2 billion increase in funds under management.
The report – which was co-signed by Samuel Terry Asset Management managers Fred Woollard, Nigel Burgess and Mitch Taylor – noted AMP’s 18 per cent share price fall after the Almost half of AMP’s shareholders voted against the company’s proposed remuneration report at its annual meetingAMP chairman Debra Hazelton told the AGM she intended to work with proxy advisers and other stakeholders to amend the underlying methodology, which some had said placed too much emphasis on non-financial metrics such as reputation score and social responsibility.
The broader platforms business experienced cash inflows of $152 million, down from $406 million in the first quarter of last year.
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