AMP reassures shareholders about tax
AMP has reassured shareholders at its annual general meeting that it’s not involved in tax avoidance.
Wealth management giant AMP has told its shareholders that it’s not aggressively avoiding tax.
The company was responding to a question at its annual general meeting during which it also released quarterly results that showed a six per cent rise in its assets under management to $116.1 billion during the first three months of the year.
Claims and lapses in AMP’s insurance business were also broadly in line with estimates and guidance was unchanged.
Chief executive Craig Meller said cashflows across the business were encouraging.
“Our focus on Asia continues to deliver results and the insurance business remains in line with guidance.”
During the annual general meeting in Sydney, one shareholder asked the board if AMP was paying enough tax and whether it had money in Bermuda or Ireland.
This comes as a Senate inquiry probes big foreign and Australian businesses, including Rio Tinto and BHP Billiton, for possible tax avoidance.
AMP chairman Simon McKeon said AMP was not involved in tax avoidance.
“No there’s no suggestion of any aggressive tax minimisation at AMP,” he said.
“Yes we do have some funds that are quite appropriately based overseas and they pay tax in those particular jurisdictions.”
Shares in AMP were down 6.5 cents, or 1 per cent at $6.325 at 1515 AEST.