The report said AMP had not yet revealed whether these bonuses would be subject to "clawback" rules or provisions known as "malus," which is a clause in contracts that allows bonuses to be returned when there is poor performance.

"The whole point of these malus and clack-back provisions is for a situation like this, if proven," said head of Australia and New Zealand Research at ISS, Vas Kollesnikoff.

AMP executives were paid more than $11 million in short-term incentives for 2017, and Mr Kollesnikoff said up to 40 per cent of this could be clawed back or cancelled. The ISS report said that AMP representatives had stated that "clawback provisions may be used by the board," depending on the findings of an internal investigation announced last week.

Commonwealth Bank last year clawed back bonuses paid to previous executives, and cancelled short-term bonuses for its most senior managers, after it was hit by a money laundering compliance scandal.

AMP's annual general meeting is shaping up as a flashpoint with investors after revelations of misconduct in its financial planning arm have triggered a sharp slump in AMP's share price. On Tuesday it fell a further 2.6 per cent, the eight daily fall in a row, to $4.06, its lowest since August 2012.

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Earlier this week, an adviser to some of the country's largest superannuation funds also threatened to vote against three directors unless AMP's board this week takes further action in response to the scandal.

ISS recommended shareholders support the re-election of Holly Kramer and Vanessa Wallace, and the election of Andrew Harmos, saying they were all recent additions to the board who were not linked to the past misconduct.

AMP's financial performance has also been disappointing in recent years, and the recent scandal is raising questions about the future structure of the 160-year old wealth management giant.

Morningstar analyst David Ellis said the future structure of AMP was "under question" amid the management changes at AMP, the poor performance in some of its divisions, and the damage unleashed by the royal commission.

"I just cannot see the group, as it is today, remaining like that in the longer term," Mr Ellis said, who has put his rating on the stock under review.

Mr Ellis said the scandal was likely to further hurt AMP's adviser numbers, its public reputation, and it could could lead to corporate clients ditching the wealth manager. Australia Post was reviewing its default superannuation fund for workers, which is managed by AMP, it was reported on Tuesday.

"Surely the future of the vertically integrated wealth management business in Australia has got to come under a lot of questions, and that's AMP's bread and butter," Mr Ellis said.

AMP did not provide further comment on Tuesday.