Prime Minister Malcolm Turnbull believes AMP chair Catherine Brenner made the right call in quitting this morning. Despite Brenner’s move, the company remains under pressure from revelations of misconduct at the Banking Royal Commission.
Bridgette Vanderwolf reports.
It’s another blow for the financial giant.
AMP chair Catherine Brenner bowed to growing pressure this morning and stepped down.
It comes after an intense fortnight at the banking royal comimssion that saw AMP admit to charging inactive clients for advice they never received.
Ms Rowena Orr QC: “Charging clients fees for services that are intentionally and knowingly not being provided was both unlawful and ethically and morally wrong.”
It’s the second high profile loss for AMP. CEO Craig Meller fell on his sword last week.
The company’s moved quickly to appoint Interim Chief Executive, Mike Wilkins, as Executive Chair.
And, in an attempt to save face, AMP has announced plans to cut directors’ fees by 25% for the next eight months.
The wealth management powerhouse still faces possible criminal charges over lying to regulators.
Ms Rowena Orr QC, Senior Counsel Assisting: “And a persistent and prevalent attitude at a very senior level within AMP that it is acceptable to deal with ASIC other thank frankly and candidly.”
Ms Brenner continues to hold board positions at both Boral and Coca-Cola Amatil.
Bridgette Vanderwolf, QUT News.