ACC wants trust manager gone

AMP NZ Office Trust shareholder the Accident Compensation Corporation wants to remove the trust's manager AMP Haumi Management.

ACC said it intended to call a meeting of unitholders to recommend that the trustee remove the manager.

"We believe AMP Haumi has not only performed poorly but has also imposed unreasonable fees on unitholders," said Nicholas Bagnall, ACC Investment Manager, adding that ACC didn't think proposed changes would significantly reduce fees.

ACC owns 8.9 per cent of AMP NZ Office Trust.

Today's vote on the structure of the company would effectively lock in AMP Haumi as manager of AMP Office Trust, ACC said.

"ACC believes that it is vitally important that unitholders retain their ability to remove the manager for poor performance," Bagnall said yesterday.

"For this reason, ACC intends to vote against all the resolutions at tomorrow's meeting of unitholders of AMP NZ Office Trust."