The Bull

Wednesday 15

August, 2018 3:20 PM



We want you on a spit: AMP shareholders

We want you on a spit: AMP shareholders

Angry AMP shareholders want more than apologies from the embattled wealth management company's board.

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By AAP 10.05.2018 03:45 PM

Furious AMP shareholders say an apology from the board is not enough, calling for more heads to roll and improved transparency.

After delivering a huge rebuke to AMP's directors in the form of a first "strike", investors at Thursday's annual general meeting were still pushing for further renewal at the tarnished wealth manager.

Interim executive chairman Mike Wilkins apologised for the scandal, admitting that the board had let shareholders and customers down.

Angry shareholders wanted more.

Ian McKenzie, who travelled over an hour to attend the meeting, said he didn't think it was worth the trip as the board was still refusing to be transparent.

"You seem to want to apologise and think that by apologising you are appeasing all the things that maybe you and the board failed to do, and I think that this is an absolute disgrace," he told Mr Wilkins during the meeting.

"There's a lot of mums and dads here who are more than sorry, they would probably like to have you people on a spit."

The financial advice misconduct has already claimed four AMP board members, and former chief executive Craig Meller.

The Australian Shareholders Association monitor John Whittington said the group wanted the remaining board members gone by Christmas, and would move a resolution at the company's next meeting should that not happen.

Andrew Harmos, the only director up for election at the meeting, held onto his position with more than 60 per cent support.

Shareholder activist Stephen Mayne demanded the board release the proxy votes for the re-election of Holly Kramer and Vanessa Wallace, who quit the board two days ago.

Mr Mayne also urged the board to reconsider its decision to not reveal the pay packet for incoming chairman David Murray until the company's next annual report, seven months after he joins AMP.

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