Australia's AMP avoids second shareholder vote against executive pay

SYDNEY, April 30 (Reuters) - Shareholders of troubled Australian wealth manager AMP Ltd voted in favour of the company’s executive pay program by a narrow margin on Friday, sparing the company a further vote on whether to remove its entire board.

Owners of 76.2% of AMP shares voted in favour of the company’s remuneration report at its virtual annual meeting, according to a tally presented online, just over the 75% required.

Under Australia’s “two strikes” rule, shareholders may vote to remove a company’s board if they vote more than 25% against the remuneration report for two years running, and AMP received a first strike in 2020.

“As we did not receive a second strike on the remuneration report, a spill motion will not be put to the meeting,” AMP Chair Debra Hazelton told the meeting.

Reporting by Byron Kaye; Editing by Christian Schmollinger