In a statement, the company said both Vanessa Wallace and Holly Kramer will step down ahead of the AGM to be held this week, and that Patty Akopiantz will depart by the end of 2018.
The departures follow from the resignations of both AMP chief executive Craig Meller and AMP chair Catherine Brenner in the wake of the royal commission’s review of the business, which found AMP could be facing criminal prosecution.
AMP interim executive chair Mike Wilkins thanked the departing board members for their service.
“Our shareholders are demanding board accountability and need to know that meaningful change is underway. I’d like to thank Patty, Vanessa and Holly for their service to AMP,” he said.
“They are extremely capable directors who have all made valuable contributions and brought great diversity of thought and experience to the board. They have listened to and acted on the feedback from our investors.”
Obviously none of these Directors had CFP qualifications and therefore training in Fin Planning and especially Ethics. Such training would have made all the difference and none of this would have happened! (Oh yeah?)
Any advice and/or superannuation qualifications would probably have helped. Did you look at their CVs before your post? You might be surprised at what is there and not there – particularly in relation to superannuation industry experience or lack thereof.
AMP execs getting paid millions while their customers receive no service. A better use of their time would have been at the coal face reviewing their clients needs. Only problem is they wouldn’t know what a client looks like
Patty Akop is leaving at the end of 2018? Why not leave now. What awe inspiring, ground breaking work will AMP miss if Patty leaves now rather than in 6 months?
Geez,… Pleazze people…can we leave AMP alone and can we please just go back to blaming individual planners for all these stuff ups. Far more easier to blame planners and it’s good for shareholders as well. Plus A Current Affairs viewers can appreciate it. A Win win really. Leave the poor old directors alone and their miserable $900K salaries. Enough is Enough. Stop it now.
AMP has never had a reputation to protect…other than as gougers. They put the women in as tokens and now throw them under the bus. What a shemozzle!
Great, another fool causing most men to be continually apologetic for their gender.
I thought that none or less of these poor outcomes was the anticipated result from having more women on Company Boards? Catherine Brenner appears to have been particularly duplicitous in her dealings with both Clayton Utz and her own staff at AMP.
Have 100% women on boards if they are the best people for the job… Just don’t hire them over someone far more qualified like they did with Brenner… Social Justice warriors holding the competent women back.
Refreshing winds of change…
But what about the senior executives who knew what was going on and did nothing???
And as bad advisers should not be allowed to move to new licensees, disgraced or incompetent board members should not be allowed to move to new boards and should have their positions on any other boards reviewed.
This elitist inbred board culture in Australia needs as much a shakeup as the financial services industry.
Like rats deserting a sinking ship. Can’t even face the music at the AGM. What a disgrace. Glad I’m not a shareholder.
I think they’re all leaving before the FPA/AFA imposes fines and sanctions on them….ha ha.
All of the board need to go. The Royal Commission has changed the AMP business model. What happens next will be interesting.
great to see stupidity is not confined to trousers alone – MIA for the most part
AMP have their head in the sand. They are denying that the RC might separate product from advice. They are denying possible criminal charges. The Board is now run by David Murray, the last of the great vertical integrators. The AMP Board remind me of Sir Ian Murray ( no relation ), the British General at Gallipoli when General Bridges recommended withdrawal after 2 days and he retorted “You ( his officers) have gone through the difficult part – all you have to do is Dig, Dig, Dig”!
After 9000 lives were lost, a withdrawal from Gallipoli occurred at no loss of life. What will be the cost to AMPs reputation and future profitability when senior management and the Board hang on, and dig in?
I noticed that too during the Royal Commission hearings. For a predominantly male industry, there was a disproportionate amount of women on the stand on behalf of the banks/institutions.
There is/were a significant number of women in very senior positions. You can check this for yourself by looking at the senior roles – Loane (FSC), Watts (WBC/BT), Elkins & Perkovic (CBA), Brenner (AMP). Isn’t that what society wanted? Now that you have that, you imply sexism when then they are called to account?
It is unbelievable but obviously none of the men on the board are accountable for any wrongdoing. lol
Only 3 Directors are up for re-election at this AGM, two of them being Wallace and Kramer. When the others come up for re-election we will see how they go. So it’s not really about gender at all Gerard, it’s about the Board re-election cycle. But hey, ignoring the facts, nicely played with the sexism card into the current social agenda. I’m sure you will get lots of thumbs up for the comment.
I don’t see the relevance to their gender. There wouldn’t be an outcry if three men resigned.