AMP (AMP) AGM 2025 summary

Opening remarks and agenda

• The meeting was formally opened with acknowledgment of traditional land owners and confirmation of quorum, followed by introductions of the board, executive team, and auditors.

• Procedures for Q&A and voting were explained, including hybrid participation and card-based access for questions and voting.

• The agenda included financial and director reports, board elections, remuneration, and CEO incentive approvals.

Financial performance review

• Four operating businesses—wealth platforms, superannuation and investments, banking, and New Zealand—delivered solid financial returns in 2024 despite market volatility.

• Share price increased 71% over 2024, with volatility around profit announcements and a current price of AUD 1.10–1.15.

• Cost-to-income ratio improved from 66.5% in 2023 to 63.8% in 2024, with a target for further reduction.

• Net interest margin in AMP Bank declined from 1.42% to 1.26% due to mortgage competition; new digital bank aims to improve margins.

• AUD 1.1 billion was returned to shareholders since August 2022 via dividends and buybacks.

Board and executive committee updates

• Board renewal continued with new directors enhancing digital and cyber risk expertise; gender diversity targets met.

• Maximum short-term incentive for CEO and executives reduced from 200% to 150% of fixed remuneration from 2025.

• Board and CEO re-elections were discussed, with directors addressing questions on their qualifications, time commitments, and independence.