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still more questions

  1. 4,941 Posts.
    lightbulb Created with Sketch. 147
    Interesting. If AMP considers that the $2.1m (gross) payment is fair and reasonable, then how do they explain the much larger separation payments to the other recently departed executives, particularly from the UK, and also the >$3.0m payment to their former General Counsel? Both approaches cannot be cosidered right.

    Today's announcement (below) raises many more questions than those which it answers.


    HOMEX - Sydney

    AMP has today paid former Chief Executive Officer Paul Batchelor
    A$2.1 million as compensation for his termination in September 2002.

    Chairman Peter Willcox said AMP had delivered the former CEO a cheque
    for $1.4 million, which is net of $0.7 million tax. The gross figure
    is equivalent to approximately 18 months base salary.

    Mr Willcox said the cessation payment had been made in an attempt to
    bring the matter to a close.

    "Despite protracted discussions and negotiations, Mr Batchelor and
    AMP have failed to reach an agreed settlement," he said.

    "We believe this payment is fair and reasonable and it has been made
    in the interests of resolving the matter.

    "If he believes he is entitled to any additional payments, he is free
    to take legal action."

    Mr Willcox said that the Board had considered making Mr Batchelor no
    payment. However in view of the legal issues involved, a $2.1 million
    payment was considered an appropriate reflection of his legal

    "We believe this is an adequate payment in the circumstances,
    particularly considering the actions we have had to take since Mr
    Batchelor left," Mr Willcox said.

    Ph: 1800 004 654 Mark O'Brien
    Ph: 9257 7053

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