AMP (AMP) AGM 2025 summary

Opening remarks and agenda

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

• Procedures for voting and Q&A were outlined, including participation methods for in-person and online attendees.

• The agenda included financial and director reports, board re-elections, remuneration, and CEO incentive resolutions.

Financial performance review

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

• The share price increased 71% over the year, with capital management returning AUD 1.1 billion to shareholders since August 2022.

• Net interest margin in AMP Bank declined from 1.42% in FY23 to 1.26% in FY24 due to mortgage competition.

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

Board and executive committee updates

• Board renewal continued with the appointment of directors focused on digital transformation and cyber risk.

• The board maintains a 40-40-20 gender diversity target, with 66% female representation on the executive committee.

• Remuneration committee reduced the maximum short-term incentive for executives from 200% to 150% of fixed remuneration from 2025.