Financial services giant AMP has announced the resignation of Catherine Brenner as chairman. She will also step down from the board after controversy arose about the company.
“As chairman, I am accountable for governance,” Brenner said. “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.
“The board has now accepted my resignation as chairman as a step towards restoring the trust and confidence in AMP,” she added.
AMP also announced that group general counsel and company secretary Brian Salter will leave the company. His outstanding deferred remuneration will be forfeited as a result of the board exercising its discretion.
On April 20, AMP issued an unreserved apology for its misconduct and failures in regulatory disclosures in Australia. AMP’s chief executive officer in Australia Craig Meller also stepped down from his post.
The company’s board said it received advice from Philip Crutchfield QC, Tamieka Spencer Bruce of Counsel, and Tim Bednall of King & Wood Mallesons in relation to certain issues raised in the Royal Commission concerning the preparation of the Clayton Utz report on AMP’s fee for no service issue. The advice follows the establishment of the board committee chaired by Wilkins to examine the issues relating to AMP’s advice business.
Further actions underway, as outlined by AMP board, include:
Wilkins, meanwhile, said: “The board acknowledges Catherine’s leadership and thanks her for her professionalism, integrity and dedication to the company over the past eight years.”
AMP, he said, respects the Royal Commission process.
“I can assure you that the evidence and submissions presented by Counsel Assisting are being treated extremely seriously by the board,” Wilkins noted. “Appropriate steps are being taken to address the issues raised, and remediating our customers is being given utmost priority.
“On behalf of the Board, I reiterate our sincerest apology to our customers, and know we have significant work to do to rebuild their trust,” he added.
By May 04, AMP will be making a formal submission to the Royal Commission in response to the matters raised in closing submissions by Counsel Assisting the Royal Commission.
