Ann: 2021 Annual Report, page-2

AMP chief executive Alexis George's $2.97m in total remuneration to the end of December 31 is less than half the amount paid to former CEO Francesco De Ferrari, its annual report shows.

Ms George's package included sign-on cash to the value of $732,500 in lieu of incentives foregone at previous employer ANZ and part of her $4m sign-on equity, about $1.32m, also vested during the year. She joined the business in August.

Meanwhile Mr De Ferrari, who agreed a mutual separation with the group in June and left on December 25, received $7.61m, including a termination payout of $1.8m for additional work performed for AMP Capital, relocation, tax and legal costs and six months notice in lieu.

He did not receive any short-term incentives for 2021, but some of the performance rights granted as part of the 2019 contracted long term incentives and 2019 transformation incentive awards that have not lapsed on cessation of employment will be held on foot until the vesting date is reached, and performance hurdle tested.

The report also says AMP has completed all file reviews for its client remediation program with the total cost of the program at $828m, of which approximately $588m represents payments to customers.
This total program cost is six per cent above original estimates made three years ago and is fully provisioned.

To date, AMP has paid $37.9m to customers under the inappropriate advice program, with a further $1.9m offered, but not yet paid.

Customers have so far received $489.7m in fee for no service remediation, and all payments are targeted to complete by the end of the first quarter of this year.