AMP defends hefty remuneration billBY ELIZABETH MCARTHUR | FRIDAY, 8 MAY 2020 12:48PMDuring the AMP annual general meeting chair David Murray defended the pay packet chief executive Francesco De Ferrari and the board continue to take home despite the company's woes. Related News |
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David Woodall
CHIEF EXECUTIVE OFFICER, SUPERANNUATION
INSIGNIA FINANCIAL LTD
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Facing his greatest test yet in metamorphosing MLC Super, Dave Woodall is adamant the juice will be worth the squeeze. Jamie Williamson writes.
An average Australian household, given $1.5m to own a home, fixtures and fittings and a car (or 2 cars), plus $2.5m to invest for a passive income, would be setup for a secure and very comfortable life. That's $4m, max..
How then do we justify - morally or commercially - annual executive paypackets of many multiples of this figure?
Secondly, notable that the question was 'How many customers has AMP lost?' rather than 'How many Clients were left without the care and guidance of a financial adviser?'
As for the 'sell-off' of a national asset, maybe boardmembers would gain some insight as to what the real purpose of the business is, by revisiting AMP's original mission: 'for the benefit of the widows and orphans of Sydney Town'.
Perhaps a refocus on delivering financial security to our fellow Australians, rather than on so-called 'Wealth Management'.
But would that deliver seven and eight figure executive paypackets?