AMP says Mohl's base salary is $A1.5 million

By NZPA

Wednesday 4th December 2002

AMP Ltd today announced new chief executive officer Andrew Mohl would take home a base salary of $A1.5 million ($NZ1.7 million).

AMP chairman Stan Wallis said Mr Mohl's remuneration consists of three elements - base salary, short term incentive and long term incentive.

"The short term incentive equity component and the long term incentive component of his CEO remuneration are both subject to shareholder approval at AMP's next annual general meeting in May 2003," Mr Wallis said.

Minimum superannuation guarantee payments of $A10,520 per year will be made in addition to Mr Mohl's base salary.

Mr Wallis said the target short term incentive payment would be 100 percent of the base salary.

The maximum payment would be 200 percent of the base salary.

"The awarding of a short term incentive payment is at the discretion of the AMP board, having regard to whether Mr Mohl has achieved quantitative and qualitative performance objectives determined by the board of directors," Mr Wallis said.

"Subject to shareholder approval at the 2003 annual general meeting, short term incentive awards will be delivered through a combination of cash (70 percent) and restricted shares (30 per cent).

"The shares are generally restricted for three years.

"If Mr Mohl remains employed by AMP until the end of the three year restriction period, AMP will match on a 1:1 basis the number of shares delivered at the end of the period."

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