The poor performance of AMP's wealth division has resulted in the company cutting its cash short-term incentives (STIs) from $6.85 million to $1.27 million, according to AMP's remuneration report.
The $1.27 million went entirely to AMP Capital CEO Adam Tindall, whose division (along with AMP Bank) was one of the only strong performers throughout 2016 for the company.
Mr Tindall's bonus is up from the $285,000 he received in 2015. AMP chief executive Craig Meller, whose fixed remuneration was $1.83 million, received no cash bonus in 2016 (as opposed to $1.26 million in 2015).
Mr Meller's salary will not be increased in 2017, according to the remuneration report.
The remuneration report states that "given the financial performance [throughout 2016], the CEO and board agreed that none of the STI pool be paid to the CEO or key management personnel executives".
Read more:
New technical services head at IOOF
Wealth management lagging on mobile tech
Restoring trust in banks ‘almost impossible’
Statewide Super retains NAB Asset Servicing
NAB gender equality bond raises $500m
