AMP's senior executives just lost $34.3 million in bonuses

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Short term incentives of $34.3 million for senior executives at AMP have been withheld because of the company’s overall poor financial performance.

No executive received an bonuses under the short term incentive plan for 2016, according to AMP’s annual report released today.

CEO Craig Meller lost $3.8 million. The average loss among his direct reports was $1.61 million.

Here’s the detail on the bonuses not paid:

“The STI awards were based on the overall company financial results and individual executive performance was not taken into consideration as threshold financial performance was not met,” the annual report says.

AMP in February posted a full year loss of $344 million, a 135% drop on the $972 million profit of the year before, as its wealth protection insurance business runs down. Revenue was up 5% to $14.799 billion.

“AMP’s financial performance was below threshold except for net revenue of AMP Capital,” says the annual report for 2016.

Adam Tindall, AMP Capital’s managing director, got $2.12 million under the AMP Capital enterprise profit share plan.

A number of major companies have been cutting bonuses recently, including Telstra which cut millions in bonuses to its senior executives because of the network outages.

At the ANZ Bank, the Christmas bonus, in the form of $1000 in shares for employees who’ve been there at least three years, was cancelled in 2016 because of the bank’s financial performance.

Despite the loss of bonus, AMP CEO Craig Meller’s received total remuneration was $6.17 million in 2016, including $4.27 million in the form of long term bonuses.

Here’s the detail on the total remuneration of the senior executive team at AMP for 2016:

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