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AMP names new executive chair

AMP names new executive chair

AMP chair Catherine Brenner and group general counsel Brian Salter will exit the company just one week after the immediate resignation of CEO Craig Meller.

Mike Wilkins

The pair will leave the company, with interim CEO Mike Wilkins now announced as executive chair.

A statement from the firm also stated that a review by external counsel including King & Wood Mallesons has found the board did not act inappropriately in relation to an independent review questioned by the royal commission.

A search for a permanent CEO and chair is currently underway.

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.

 

AMP names new executive chair
Mike Wilkins
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