AMP today confirmed remuneration arrangements for Chairman David Murray and Acting Chief Executive Mike Wilkins.
AMP Chairman David Murray
Mr Murray commenced his term as AMP Chairman on 21 June 2018. As Chairman, Mr Murray will receive an annual fee of $850,000, inclusive of superannuation. Mr Murray will receive no additional fees for his participation in board committees or subsidiary company boards.
AMP Acting Chief Executive Mike Wilkins
Mr Wilkins was appointed Acting Chief Executive on 20 April 2018. His remuneration arrangements for this role were approved by the Board of Directors on 8 August 2018.
Under the material terms of Mr Wilkins’ contract, he will receive fixed remuneration of $1.46 million, inclusive of superannuation, to 31 December 2018. Due to the interim nature of his role, he will not be eligible for any short or long-term incentives.
His appointment as Acting Chief Executive is expected to continue until 31 December 2018 but may end earlier upon the commencement of a permanent Chief Executive or a date to be mutually agreed by Mr Wilkins and AMP. In this case, Mr Wilkins’ fixed remuneration will be pro-rated accordingly.
Mr Wilkins will also receive a fee of $70,100 for the additional responsibilities he assumed as Acting Executive Chairman from 30 April 2018 to 20 June 2018. He will not otherwise receive any director fees while serving as an executive.
AMP benchmarked remuneration arrangements for both the Chairman and Acting Chief Executive against industry standards.
The AMP Board believes the appointments of Mr Murray and Mr Wilkins provide strong and highly experienced leadership in the rebuild of AMP, strengthening governance and underlining the company’s commitment to change.