A- A A+

AMP chair Catherine Brenner resigns

The Guardian  |  30 April 2018  |  BankingRC

The chair of financial services giant AMP, Catherine Brenner, has resigned from her $660,00-a-year role, the latest casualty from the unfolding scandals uncovered by the banking royal commission.

Australia’s largest wealth manager will also strip directors of 25% of their fees for the rest of the year. AMP’s general counsel, Brian Salter, is also leaving, and the company has warned there will be “employment and remuneration” consequences for others involved in the fees-for-no-service scam.

Malcolm Turnbull said he thought Brenner had made the right call, and said more generally that directors must be accountable for wrongdoing.

“They have got to take responsibility for what has gone on and make the appropriate steps,” Turnbull said. “In some cases that has involved people stepping down or retiring or resigning.”


The board held a crisis meeting on Sunday amid speculation that Brenner was to be asked to stand down.

Read More:



Source articles

The Guardian

Submit a comment

Word Count: 0


Quick Poll

Which stock will rank best


Similar articles from BankingRC

Banking royal commission: False witnessing at NAB a 'common practice'

James Frost. 24/04/2018.

The actions of a rogue NAB financial planner who forged the initials of customers on a superannuation document set off a chain of events that uncovere..

Banks, AMP sitting on powder keg of compensation claims

Karen Maley. 24/04/2018.

The country's major financial firms are at risk of being deluged by compensation claims, as their customers realise that the shoddy and conflicted fin..