Board & executives

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Board & executives

AMP chief executive Craig Meller has quit in the wake of the disturbing revelations at the banking royal commission. He insisted he had not known about the behaviour but acknowledged that he was ultimately responsible. Meller was appointed CEO in January He moved to the role of Director of Product Manufacturing in Meller started his career at Lloyds TSB in the UK where he spent more than 14 years working across the business in a number of management roles. AMP group executive for advice Jack Regan admitted that one letter to ASIC claimed clients were at fault for being charged ongoing fees, when in some cases it was the result of a conscious effort by AMP.

The company presented an independent report to ASIC last year as a follow up to the activity, but only after it went through 25 draft versions and a series of changes from senior executives and the board.

Dodgy bankers and insurers could get a decade in jail and millions of dollars in fineswith big companies potentially fined 10 per cent of their annual turnover. Speaking after the AMP boss resigned, Treasurer Morrison sent a warning to the boards of banks they would also likely be held accountable as the royal commission continued. The Treasurer was also forced to defend the tough new penalties for dodgy bankers and insurers when the rate of criminal convictions for misconduct was currently so low.

Prime Minister Turnbull told reporters in London on the sidelines of the CHOGM meeting that the penalties today were not in response to evidence at the royal commission. Personalise your weather.

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Sorry we couldn't find a match for that, please try again. Change my location. My Account Logout. CBA the 'gold medallists' for fees for no service. Sign me up Signed Up View more Newsletters. X No thanks, continue reading article.Each year AMP issues a corporate governance statement. The statement sets out the corporate governance framework adopted by the board and outlines AMP's governance arrangements over the last financial year. The corporate governance statement forms part of the AMP annual reporting suite of documents which are available online at amp View the corporate governance statement.

The corporate governance charter adopted by the board of directors of AMP outlines the roles and responsibilities of the board of directors and the management team and operates in conjunction with the AMP constitution and relevant laws. The constitution outlines the rules for governing the company, including provisions dealing with the roles of the board of directors and shareholders. View our constitution.

For AMP, doing the right thing by the people who depend on us is more than a legal and ethical obligation. Our code of conduct sets out the behaviour we expect of everyone who represents AMP. The code is supported by our employee policies, which govern the way we operate to best serve our customers and business and meet our legal and regulatory obligations. View our code of conduct. External suppliers play an important role in helping the AMP group achieve its business objectives and meet community expectations.

View our Supplier Code of practice. View our Enterprise Risk Management policy. View our hedging policy. AMP is committed to providing an inclusive and diverse working environment where high performing people choose to work.

AMP CEO Craig Meller resigns in wake of Banking Royal Commission scandal

We believe an inclusive and diverse workplace delivers better results for our shareholders, customers, employees, business partners and communities. View our Inclusion and Diversity policy. We are committed to ensuring our shareholders receive clear, transparent and timely information about our business. Our market disclosure policy outlines the processes we have in place to ensure we provide all shareholders with equal and timely access to material information about AMP. View our market disclosure policy.

Proxy voting policy.

board & executives

Proxy Voting Annual Summary. AMP adopts a bi-partisan approach to politics and actively engages in conversations with the government, the opposition, backbenchers and local communities about contemporary and future financial issues and opportunities. AMP does not make donations for political purposes, but we pay to attend events that have been organised by political parties, such as party conferences to allow for discussion on major policy issues with key opinion leaders and policy makers.

We believe this debate makes a valuable contribution to the development of public policy and is therefore of benefit to the Australian community and our customers.

AMP publicly declares contributions to political parties consistent with the requirements of the Australian Electoral Act. AMP expects directors and employees of the company to act with integrity and honesty at all times.

Our trading policy outlines rules for directors, senior executives, other specified employees and their close associates for trading in AMP securities. The policy is designed to protect the interests of all AMP shareholders and to ensure that directors, employees and their close associates comply with the law when trading in AMP securities.

Our separate hedging policy provides that directors, senior executives and other specified employees who participate in our equity incentives plans may not use any form of hedging arrangement in relation to AMP shares or rights to shares. View our trading policy. The board of directors of AMP Limited and Group Leadership Team are committed to a whistleblower program that encourages, protects and supports responsible reporting of wrongdoing, including fraud, corrupt conduct, questionable accounting and inappropriate workplace behaviour.

Professionalism, honesty and integrity are core to our culture. In a business like ours, everything we do needs to be measured against the highest possible standards.

board & executives

This is more than a legal obligation — it is a fundamental part of who we are and our culture of integrity, help and performance. With our commitment to reporting wrongdoing, we will continue to build a supportive work environment, which aligns with our values.

Whether you are a current employee, work with AMP as a contractor or supplier, or are a former employee, if you become aware of wrongdoing, we want to know about it.

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Effective Boards: Relationship Between the Board and the CEO

Dow Jones, a News Corp company. News Corp is a network of leading companies in the worlds of diversified media, news, education, and information services.Updated April 30, AMP chairman Catherine Brenner has resigned following damning evidence at the banking royal commission of misconduct by the company's staff. In a statement, the financial services company said directors will take a 25 per cent pay cut for the remainder of as a result of the issues raised at the commission.

It is still considering "employment and remuneration consequences" for those staff directly involved in charging fees for no services. Recently appointed interim chief executive Mike Wilkins has now also been appointed as interim executive chair of the financial services company, effective immediately.

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Brian Salter, the group general counsel and company secretary, will also be leaving AMP, the company also said in a statement. Mr Salter will not receive his "deferred remuneration" bonuses and incentives "as a result of the board exercising its discretion". The banking royal commission heard on Friday that AMP could face criminal penalties for misleading the corporate regulator.

AMP was the first institution to be questioned by the commission over the fee-for-no-service scandal, which also involved the four major banks. During questioning, AMP's group executive for advice, Anthony "Jack" Regan, admitted to the commission that the company had misled ASIC by presenting fee-for-no-service as a mistakewhen there was a deliberate policy to charge customers fees for 90 days even when they were in a pool that received no advice services.

It also emerged during questioning that the company's board ordered changes to an "independent review" of the fee-for-no-service scandal being performed by law firm Clayton Utz, and that those changes were made. In the statement announcing the chairman's resignation, AMP said the company's board was "satisfied" that Ms Brenner and former chief executive Craig Meller, who resigned earlier this month"did not act inappropriately in relation to the preparation of the Clayton Utz report".

My departure is a necessary part of this process. Mr Salter defended his conduct in liaising with Clayton Utz on the report, saying AMP was entitled to "work with" the law firm.

AMP said it will be making a formal submission in response to the allegations of potential breaches of the Corporations and ASIC Acts raised by senior counsel assisting Ms Orr during her closing submission to the royal commission's financial advice hearings on Friday. Ms Brenner has fallen on her sword ahead of AMP's annual general meeting on May 10, which could be subject to a shareholder protest vote.

In announcing her decision to stand aside, Ms Brenner said she hoped it would address shareholder and customer concerns. 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," she said in a statement.

Should All of Your Management Team Attend Board Meetings?

Deputy Opposition Leader Tanya Plibersek also supported the resignation, but cautioned against a few symbolic scalps being seen as a fix for problems in the financial services sector. First Super holds shares in AMP and its chief executive Bill Watson has called for the company's whole board to resign.

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AMP's market value has fallen by more than 20 per cent this year, notably during the recent revelations aired at the Royal Commission. Topics: business-economics-and-financelaw-crime-and-justiceroyal-commissionsbankingaustralia. First posted April 30, If you have inside knowledge of a topic in the news, contact the ABC. ABC teams share the story behind the story and insights into the making of digital, TV and radio content. Read about our editorial guiding principles and the standards ABC journalists and content makers follow.

Learn more.

AMP chairman Catherine Brenner steps down after royal commission revelations

Scientists are desperately searching for a coronavirus vaccine, but before that can happen there's a whole bunch of stuff they need to discover. By Erin Handley and Michael Walsh.

board & executives

The US has threatened to freeze funding for the UN's leading health body. Those living in poorer countries will suffer the most. By Catherine Hanrahan. Seven in 10 people are satisfied with how our governments are handling the coronavirus pandemic, but we're not so happy with each others' behaviour. By Peter Marsh and Emily Olson. The presumptive Democratic nominee has a big decision on his hands.As part of the update, all new and existing customers need to re-register.

Never stop protecting what matters most. Blair joined AMP in and held a number of senior executive roles before becoming Managing Director in January Blair is also a Board member of the Financial Services Council, working to improve outcomes for New Zealanders by helping them to build and protect their wealth.

Dhaya is an experienced leader, having held senior management roles across a number of industries, including travel, tourism, telecommunications, financial services and health care.

Tim has more than 25 years' legal experience, particularly within financial services. Tim has been involved in many regulatory reform projects, significant contentious matters and innovative growth initiatives. In his role as General Counsel, he leads AMP's Legal and Governance team, shaping regulatory strategy and overseeing legal, governance and compliance matters.

Melanie has more than 15 years' Human Resources experience and has led HR teams for a variety of companies across industries including airline, retail, telco and primary. During that time she has acted as the General Counsel for the business for 7 years, and the General Manager of Investments and Insurance for 2 years. Simon has more than 20 years of experience in financial services. While care has been taken to supply information on this website that is accurate, no entity or person gives any warranty of reliability or accuracy, or accepts any responsibility arising in any way including from any error or omission.

A disclosure statement is available from your Adviser, on request and free of charge. Welcome to My AMP. Forgot your username? Forgot your password? Or Login to Personal. Our History. Find out more about AMP.

We are proud of our contribution to the community Learn more. Important information Show more.David served as Chief Executive Officer of the Commonwealth Bank of Australia from to and as the inaugural Chairman of the Australian Future Fund from to when his statutory term ended. He holds an honorary Doctor of Letters from Macquarie University.

He spent 17 years in executive roles at Credit Suisse in Asia and Europe, leading businesses that grew substantially under his leadership. Francesco was conferred the Institute of Banking and Finance IBF Distinguished Fellow award in for excellence in professional stature, integrity and achievement in the financial industry. Prior to this, Rahoul was a Partner at PwC for almost 30 years, where he undertook a number of leadership roles, delivering audit, assurance, and risk consulting services to major financial institutions in Australia, Canada and the United Kingdom.

Most recently he was Secretary to the Treasury from to July Prior to joining UBS and its predecessor organisations inJohn held a number of senior positions with the Australian Treasury over 20 years, including postings at the International Monetary Fund and at the Australian Embassy in the United States.

John graduated from Monash University, Melbourne, with a first-class honours degree in economics. He received a Centenary medal for service to Australian society through business and economics in and was awarded an honorary Doctorate of Laws from Monash University. He was also appointed a member of the Remuneration Committee in January He has served as a member of the Audit Committees of both life company boards since August and was Chairman of those Audit Committees in May He was appointed as a member of the Risk Committees of both life company boards in November and Chairman in April Andrew is one of the founding directors and shareholders of Harmos Horton Lusk Limited, an Auckland-based specialist corporate legal advisory firm.

He specialises in corporate takeovers, corporate structure and governance advice, company, business and asset acquisitions and disposals, securities offerings, and strategic and board corporate advice. She has expertise across fixed interest, treasury, institutional banking, risk management and financial markets.

She has graduate and post-graduate degrees in Japanese language, literature and philosophy as well as economics and finance. He was also appointed as a member of the Remuneration Committee in May He is also a member of the Audit Committee and Risk Committee of each of those boards. He has held life and general insurance chief executive roles in Australia, North America, Asia and Europe.

He returned to Australia in after 15 years overseas and has assembled a portfolio of non-executive directorships. His last overseas position was as an executive director of Aviva plc. He was also chairman of its UK and French businesses. John is a member of the Takeovers Panel. Michael has over 35 years of professional experience, with significant experience in senior management and financial controller roles.Superannuation Proprietary Limited in September At the time of his appointment Tony also joined the Board Audit Committee for each of the trustee companies.

This experience has included 28 years with Deloitte Touche Tohmatsu, 12 of those as Partner responsible for the provision of assurance and advisory services to various clients in the financial services industry, including a variety of entities in the superannuation sector. Subsequent to that time Tony was Head of Risk Management at AustralianSuper for nearly three years and has various board related experience. Superannuation Proprietary Limited in January Alex joined AMP in January Alex has substantial experience in the wealth management and banking industries in Australia, Singapore and Hong Kong.

Superannuation Proprietary Limited in November Sarah has over twenty-five years of experience in the financial services industry. She has held senior executive, director and consultant roles in a career covering financial planning, asset management, platforms and superannuation funds, private clients, equity lending, insurance and investment banking.

Sarah was the founder and the managing partner of Comparator Business Benchmarking, a leading provider of benchmarking to Australian financial services markets. Sarah sold Comparator to CoreLogic inremaining a director until late Sarah has held various executive and non-executive directorships and been a member of various board committees, including compliance, audit and risk management and investment committees.

Kerrie has extensive senior executive and non-executive director experience in financial services, funds management, and superannuation. She specialises in governance, legal advisory services, company secretarial, risk, compliance and assurance frameworks and has a range of experience as a non-executive director.

Darryl, a qualified actuary with 38 years' experience in the financial services industry, was appointed as a Director of AMP Superannuation Limited in April and as a Director of N.

Superannuation Proprietary Limited in April Superannuation Proprietary Limited in July She is a careerbanker with specific expertise and experience in international asset management, trusts and superannuation, private and institutional banking.

Her knowledge is both broad and deep across many disciplines. Asset and superannuation management in a regulated environment, trustee management, audit and risk management, financial management, change management, and strategy.

She has chaired the National Provident Superannuation Fund, the Investment Committee and been a member of risk and audit committees, and appointment and remuneration committees. Her particular interest and expertise is in superannuation and asset management and private wealth.

He has a proven track record of successfully leading people and organisations through transformational periods of exceptional growth and change. He has extensive product, brand and commercial experience in globally recognised blue chip organisations that put the customer first. Paul is an actuary by training and has served in a variety of capacities over a distinguished career - non-executive director, CEO and general, line and discipline-based management, covering investments, superannuation, insurance, actuarial and broader risk management.

Paul has a deep understanding of the superannuation sector and the fiduciary responsibilities involved in the oversight of funds management and superannuation. In addition, Paul has held various other directorships, including for listed entities and not-for-profits, been a member of various investment, audit, risk and other committees, undertaken consulting assignments, and taught investment management at Macquarie University.


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