AMP shares have rebounded somewhat after the beleaguered wealth manager survived a potential board spill over executive pay.
AMP shares dropped more than five per cent on Thursday morning after the company said it had experienced net cash outflows of $1.8 billion in the first quarter.
But they started bouncing back in the afternoon, after 89 per cent of shareholders voted in favour of the wealth manager’s remuneration report, sparing it a second strike.
Shareholders may also have been heartened to hear at the meeting that AMP chairman David Murray had been buying shares.
At 1422 AEST, AMP shares were down six cents, or 2.6 per cent, to $2.25 after being down as low as $2.18 earlier in the day.
They have lost nearly half their value from a year ago.
Ahead of the meeting the company announced the appointment of John Patrick Moorhead as chief financial officer.