Three AMP directors resign

Three AMP Limited non-executive directors have resigned ahead of this week’s company annual general meeting.

AMP announced to the Australian Securities Exchange (ASX) today that Vanessa Wallace and Holly Kramer would step down ahead of the meeting alongside the company’s longest-serving director, Patty Akopiantz who had offered to step down and service to the end of 2018.

The company said Wallace had also resigned as chairman of AMP Capital Holdings Limited with the effective date to be confirmed following a brief period of transition.

Confirming the resignations, AMP interim executive chairman, Mike Wilkins said the company’s shareholders had been demanding board accountability and needed to know that meaningful change was underway.

The announcement said AMP had confirmed a resolution for the election of Andrew Harmos as a non-executive director remained in place to be voted on at the AGM.

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That's good.
Pity that David Murray has been appointed as Chairman. He was on the banking review that advised against further compliance and integrity regulation of the banking and finance industry. Maybe if he had some smarts and recommended the opposite, the banks and AMP would not be being exposed today by the Royal Commission.

Moreover Murray denies climate change. He is not the person to lead the AMP to handle climate risk that poses widespread and systemic financial risk.

AMP is a financial services company exposed to climate risk through its banking, superannuation and insurance operations. Murray is unacceptable as a chairman of AMP.

This opens AMP up to material financial risk, along with reputational risk that also contains a material component.

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