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April 30, 2018

AMP chairman resigns amid fee scandal

AMP chairman Catherine Brenner has resigned, effective immediately, amid revelations at the banking royal commission that the firm charged fees for no service and also misled regulators.

“I am deeply disappointed by the issues at hand and am particularly concerned for the impact they have had on our customers, employees, advisers and shareholders. As Chairman, I am accountable for governance. I have always sought to act in the best interests of the company and have been in discussions with the Board about the most appropriate course of action, including my resignation,” Brenner noted.

Brenner will be replaced by Mike Wilkins, who will serve as executive chairman on an interim basis till the appointment of a replacement.

“The Board acknowledges Catherine’s leadership and thanks her for her professionalism, integrity and dedication to the company over the past eight years. We will now begin a process of board renewal, including fast-tracking selection of a Chairman, and a new director. This process will help ensure stability and further strengthen governance,” Wilkins said.

The departure of Meller comes shortly after the exit of the firm’s CEO Craig Meller. Wilkins will currently serve as the firm’s acting CEO.

In addition, the company also announced the departure of group general counsel and company secretary Brian Salter and said that Salter will not receive his deferred renumeration.

The company further said that it will reduce fees of all its board directors by 25% in 2018 and has warned of “employment and remuneration consequences” for individuals involved in the fees scandal.

 

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