AMP has announced that Ms Brenner has exited the chair effective immediately, alongside group general counsel Brian Salter who will leave the company.
Recently-appointed interim CEO Mike Wilkins will act as executive chair while a permanent chair and CEO are recruited.
The move follows the resignation of former CEO Craig Meller last week and the revelation that the company may face criminal charges as a result of evidence provided to the royal commission.
Mr Salter’s outstanding deferred remuneration will be forfeited as a result of the AMP board exercising its discretion, said the company in a statement.
“The board has 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,” said AMP.
“The advice follows the establishment of the board committee chaired by Mr Wilkins to examine the issues relating to AMP’s advice business that have been raised in the royal commission.
“Having considered and assessed the matters, the board is satisfied that the former chairman Catherine Brenner, former chief executive officer Craig Meller and the other directors did not act inappropriately in relation to the preparation of the Clayton Utz report,” said the statement.
“The board, including the former chairman, were unaware of and disappointed about the number of drafts and the extent of the group general counsel’s interaction with Clayton Utz during the preparation of the report. The board commissioned and received the report. It was not a matter for the Board’s approval.”
AMP’s board also announced a 25 per cent reduction in the fees for AMP directors for the remainder of the 2018 calendar year.
“The employment and remuneration consequences for the individuals within the business responsible for the fee for no service issue will be determined on finalisation of an ongoing external employment review, which is expected to complete shortly,” said the statement.
AMP will make a formal submission to the royal commission by Friday, 4 May in response to the matters raised in closing submissions by counsel assisting Rowena Orr, said the statement.
Who’s “fit and proper” at AMP?
Rowena, here is your career defining moment. Sentence each of the culprits to 5 years, and you will be remembered as the “one” who cleaned up financial services.
errr… Rowena Orr is not a judge…
Why does she have to carry all the weight? Australian law enforce bodies need to get their act together as well…
i can give you 660,000 reasons why the Chair person is primarily responsible – that being one reason for each dollar of salary paid to this Non Executive position.
Really, the Acting CEO is now also going to be the Acting Chair. Not sure there should be an executive Chair, what’s needed is an independent chair, and if no independent board member can fill in as Acting Chair then they are all useless.
This whole thing just ABSOLUTELY stinks!!!
These ‘highly educated’ people (take special note O’Dwyer and FASEA) have earnt hundreds of thousands of dollars over the years by raping and pillaging the retirement funds and bank accounts of everyday Aussies and should be made to pay it all back – so they can see how it feels.
What’s worse in my opinion though is that small advisers and honest Licensees like mine were telling politicians, ASIC and the like for years that this is where the major issues of the industry lie – yet they refused to listen.
To cover their own backsides, they’ll now impose huge sanctions on the industry that will unfairly effect the innocent advisers doing the right thing with their clients every day. It just stinks.
I should not be forced to defend myself and my professional integrity every time someone I know raises this RC with me, which happened half a dozen times over the weekend, but that’s exactly what I feel I have to do.
You’re correct. Someone said to me that the Royal Commission is windfall for non aligned self licensed planners like me. I said in my experience the phone goes dead from general public enquiry’s. You tar one planner you tar them. The AMP & bank planners their appointments go from some crazy number say 20 a day to 16 appointments. Whilst independent planners however are even more exposed and caught up in this via association, a lot are doing the right thing from the start and always acting in their clients interest, their appointments go from 20 a year to Nil. I’ve already seen one adviser close shop and go back to self employed land. AMP & the banks win all the time.
Are there any Board Members still there who were part of the 2009 ego driven purchase of AXA ? If so, exit please
So it’s only these few folk who knew about the lies and did nothing. Seriously???
Update your LinkedIn profile please Catherine.
Jape, as of this morning on the AMP website, Craig Mellor is still CEO and on the Board. Takes over a week to take down a profile and change a job title on their website? Not a quick moving company old AMP. Let’s see how long it takes them (I tip tomorrow it will be changed).
https://www.amp.com.au/amp/about-amp/board-and-management
Someone at AMP is reading the posts, the above link no longer exists and all the underlying boards (AMP Life Limited, AMP Superannuation Limited, AMP Bank Limited) have also been updated to remove Craig Meller and Brian Salter (Darn, I was going to do that next..) Well done. I bit ahead of schedule.
Now next thing you can do there at AMP is….? Where do you start?
Share price just hit $4 (down a mere 0.37% today). A hostile takeover must be in the air. Time for a slice and dice. Couldn’t imagine any regulator / takeovers panel saying no after recent revelations.
Clearly the AMP logo represents their compliance framework
We’re full of bright sparks….
Burn your retirement money….
Just wait for the shock….