A photo taken in Melbourne shows a placard outside the royal commission set up in February to investigate misconduct in the banking sector. Picture: AFP
A photo taken in Melbourne shows a placard outside the royal commission set up in February to investigate misconduct in the banking sector. Picture: AFP

AMP to face angry shareholders

EMBATTLED wealth manager AMP will face angry shareholders today for the first time since revelations of extensive misconduct were made at the banking royal commission.

AMP will hold its annual general meeting in Melbourne, fronting investors after the departure of its chairman, chief executive and three board members in the wake of damaging revelations that included the company charging customers for financial advice that was never given.

former AMP CEO Craig Mellorand ex- Chairman Catherine Brenner have both resigned. Picture: AAP
former AMP CEO Craig Mellorand ex- Chairman Catherine Brenner have both resigned. Picture: AAP

Chairman Catherine Brenner resigned last week, following chief executive Craig Meller, while two of the three directors up for re-election at the AGM stepped down ahead of a likely vote against their reinstatement led by the Australian Shareholders Association.

One director, Andrew Harmos, will seek re-election despite the ASA’s opposition.

The 169-year-old company has admitted it charged customers fees for financial advice that was never delivered and repeatedly lied to the Australian Securities and Investments Commission about its behaviour.

A photo taken in Melbourne shows a placard outside the royal commission set up in February to investigate misconduct in the banking sector. Picture: AFP
A photo taken in Melbourne shows a placard outside the royal commission set up in February to investigate misconduct in the banking sector. Picture: AFP

 

AMP has faced a call at the royal commission that it face criminal charges for misleading the regulator and is also potentially facing multiple class actions on behalf of investors who have lost money on the stock.

Former Commonwealth Bank chief and Future Fund chair, David Murray was drafted in as new chairman for AMP last week and will lead the board from July but today’s meeting will be led by interim AMP executive chairman Mike Wilkins.



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