AMP chair steps down

AMP has announced that Ms Brenner has exited the chair effective immediately, alongside group general counsel Brian Salter who will leave the company.

Recently-appointed interim CEO Mike Wilkins will act as executive chair while a permanent chair and CEO are recruited.

The move follows the resignation of former CEO Craig Meller last week and the revelation that the company may face criminal charges as a result of evidence provided to the royal commission. 

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.