AMP Chairman Steps Down Amid Bank Probe
April 29 2018 - 6:53PM
Dow Jones News
By Rachel Pannett
SYDNEY--An ongoing sweeping probe of Australia's banking and
financial industry claimed another high-level scalp Monday after
AMP Ltd.'s (AMP.AU) chairman stepped down following revelations it
misled a regulator over fees charged to customers for advice it
failed to deliver.
Catherine Brenner will step down from the board and Mike Wilkins
has been appointed interim chairman, effective immediately, the
company said in a stock exchange filing. AMP also announced that
Brian Salter, group general counsel and company secretary, will
leave the company.
"As chairman, I am accountable for governance. I have always
sought to act in the best interests of the company and have been in
discussions with the board about the most appropriate course of
action, including my resignation," Ms. Brenner said in a statement.
"The board has now accepted my resignation as chairman as a step
towards restoring the trust and confidence in AMP."
A royal-commission inquiry heard evidence this month that AMP
allegedly lied to the Australian Securities and Investments
Commission for years to cover a practice of charging customers for
services they didn't receive. AMP issued an apology over the
misconduct and its regulatory disclosure, and pledged improvements
in culture and performance.
AMP's chief executive, Craig Meller, stepped down earlier this
month following the revelations.
Write to Rachel Pannett at rachel.pannett@wsj.com
(END) Dow Jones Newswires
April 29, 2018 18:38 ET (22:38 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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