The remuneration of AMP chief executive Craig Dunn has decreased for the year ending in December 31 2011, as a result of the volatile stock markets.
Dunn received a total remuneration package, including cash salary and short term incentives of $3 million, down from $3.3 million the year before.
Including options and performance rights, Dunn's total package came in at $5.38 million, down from $5.47 million the year before.
Although his cash salary increased this year, the short term incentives were more than half a million lower.
This was the same for all AMP senior executives, the company's annual report stated.
"While their fixed remuneration increased to ensure their earning potential remained competitive with the market, the variable amount actually received for 2011 performance, as a percentage of opportunity, continued to be lower than historical levels," the report said.
"This was due to AMP's financial and share price performance in 2011 being lower than the targets agreed with the board," it said.
AMP's share price was at its highest point at the beginning of 2011, reporting a price of $5.87 at the beginning of January.
But by the end of the year, the stock price had fallen to $4.39.
AMP said it does not expect salaries to go up this year.
"In light of the current climate in the financial services sector, it is anticipated that fixed remuneration for the nominated executives will not increase in 2012."
AMP Financial Services managing director Craig Meller saw his remuneration go down from $2.24 million to $1.83 million.
Including options and performance rights, his total package came in at $2.8 million, down from $3.2 million the year before.
Only AMP Capital managing director Stephen Dunne saw a slight increase in his remuneration package, largely as a result of changes in the company's policy, which allows him to share in the profits of the company.
Dunne saw his remuneration go up from $1.85 million to $1.89 million.
Including options and performance rights, his total package came in at $2.86 million, up from $2.77 million the year before.
