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Wednesday 17

October, 2018 2:16 PM



AMP directors resign after ASA pressure

AMP directors resign after ASA pressure

Two of three AMP directors standing for re-election at the firm's AGM will resign, with the company's longest-serving director to follow them out the door.

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By AAP 08.05.2018 11:00 AM

Two of the three AMP directors who were going to stand for re-election at this week's annual general meeting have resigned rather than risk a protest vote following the revelations heard at the banking royal commission.

Vanessa Wallace and Holly Kramer will step down before Thursday's annual general meeting after the Australian Shareholders' Association confirmed it would vote against them.

Andrew Harmos will still stand for re-election despite the ASA having said it intends to oppose him, while Patty Akopiantz will end her seven plus-year stint on the board by the end of 2018.

Ms Akopiantz is AMP's longest-serving director.

The resignations follow the ASA's rejection of incoming AMP chairman David Murray's call for more time to make changes at a company that has already lost its chair and chief executive.

Interim executive chairman Mike Wilkins thanked all three outgoing directors for their services.

"Our shareholders are demanding board accountability and need to know that meaningful change is underway," Mr Wilkins said in a statement on Tuesday.

"They have listened to and acted on the feedback from our investors."

AMP did not propose replacement directors as it continues a process of board renewal.

Mr Murray and Mr Wilkins will lead the search to replace CEO Craig Meller, who along with chair Catherine Brenner, resigned after AMP told the banking royal commission it charged customers for advice they never received and lied about it to regulators.

At 1125 AEST, AMP shares were flat at $4.12 - down about 25 per cent in the past two months.

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