Finance Finance News Three more AMP directors leave in wake of bank royal commission scandal

Three more AMP directors leave in wake of bank royal commission scandal

Craig Meller and Catherine Brenner had already stood aside over the fees-for-no-service scandal. AAP
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The blood-letting from AMP’s disastrous appearances at the bank and financial services royal commission has continued with three more directors leaving the board.

The decision by directors Vanessa Wallace and Holly Kramer not seek re-election, and Patty Akopiantz to step down at the end of the year is aimed at reducing investor wrath at Thursday’s annual general meeting.

The big institutional investors had been mobilising a protest vote against the board after allegations of criminal conduct, including misleading the corporate regulator ASIC, emerged at the commission.

Ms Wallace and Ms Krammer were two of three directors facing a re-election vote.

A third director Andrew Harmos is also seeking re-election, but only joined the board last June.

AMP said Ms Akopiantz – as the longest-serving director – recognised the need for a measured process of board renewal, offered to step down and will serve until the of end 2018.

The fall-out from the commission’s inquiry into fees-for-no-service scandal has already cost chair Catherine Brenner, chief executive officer Craig Meller and chief legal counsel Brian Salter their jobs.