Three more AMP directors leave in wake of bank royal commission scandal
Updated
The blood-letting from AMP's disastrous appearances at the bank and financial services royal commission has continued with three more directors leaving the board.
Key points:
- Three more directors to leave the AMP board after counsel assisting the bank royal commission said AMP's actions could lead to criminal charges
- Chair Catherine Brenner, chief executive Craig Meller and chief legal counsel Brian Salter have already left over allegations that ASIC had been mislead
- The boardroom cleanout aims to minimise the expected investor backlash at this week's AGM
The decision by directors Vanessa Wallace and Holly Kramer not seek re-lection, and Patty Akopiantz to step down at the end of the year is aimed at reducing investor wrath at Thursday's annual general meeting.
The big institutional investors had been mobilising a protest vote against the board after allegations of criminal misconduct, including misleading the corporate regulator ASIC, emerged at the commission.
Ms Wallace and Ms Krammer were two of three directors facing a re-election vote.
A third director Andrew Harmos is also seeking re-election, but only joined the board last June.
AMP said Ms Akopiantz — as the longest-serving director — recognised the need for a measured process of board renewal, offered to step down and will serve until the of end 2018.
The fall-out from the commission's inquiry into fees-for-no-service scandal has already cost chair Catherine Brenner, chief executive officer Craig Meller and chief legal counsel Brian Salter their jobs.
AMP interim executive chairman Mike Wilkins thanked the three directors for their service, but said boardroom renewal was necessary.
"Our shareholders are demanding board accountability and need to know that meaningful change is underway," Mr Wilkins said.
Mr Wilkins said the trio were extremely capable directors who had all made valuable contributions and brought great diversity of thought and experience to the board.
"They have listened to and acted on the feedback from our investors," he said.
More to come
Topics: company-news, royal-commissions, banking, australia
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