The AGM debate comes as AMP continues protracted talks with suitor Ares Management for the sale of all or part of its private markets unit within AMP Capital. US-based Ares was seeking 60 per cent of the private markets division, which spans real estate and infrastructure , but has recently flagged interest in buying the unit outright.

AMP's shares dipped 0.8 per cent on Wednesday to close at $1.23, not far off the stock's COVID-19 trough of $1.11.

Ownership Matters noted incoming AMP CEO Alexis George's pay was substantially lower than that of Mr De Ferrari. "Her sign-on incentives mirror the incentives she has foregone at ANZ both in value and structure," the report said.

Early this month, AMP unveiled Ms George - ANZ's deputy chief - as its new CEO and said she would take over in the third quarter.

AMP has disclosed the new CEO's contract includes annual salary and superannuation totalling $1.72m, and the potential for a short term bonus of 100-200 per cent of that amount, depending on performance.

There is also a substantial sign-on award with a face value of $4.1m in AMP shares. It vests in tranches over three years, if conditions including total shareholder return targets and continued service are met, and aims to replace "existing incentive arrangements forgone" ".

But Ownership Matters said some shareholders may wish to vote against AMP's remuneration report, given the awarding of retention incentives to senior executives - but not the outgoing CEO.

Ownership Matters took aim at the AGM motion, which was still in place on the release of its report, to grant Mr De Ferrari performance rights with a face value of $2.2m.

Extract from Moullakis, J. Bonus sting for departing AMP chief. The Australian. Apr 15, 2021.

Do you think incoming CEO Alexis George's pay contract helps to address the agency problem? Explain.