Resigned to their fate as pressure AMPs up on board

THREE more AMP directors have succumbed to intense investor pressure for renewal at the besieged wealth manager, announcing their resignation ahead of tomorrow’s annual meeting.

AMP issued a short statement yesterday announcing that directors Vanessa Wallace and Holly Kramer would step down ahead of the meeting following the revelations at the financial services royal commission last month.

Ms Wallace will also leave her job as chair of offshoot AMP Capital.

Long-serving AMP director Patty Akopiantz has also offered to step down, but will serve until the end of the year.

A resolution to formally elect director Andrew Harmos, who joined the board last June, will still be put to shareholders.

Mr Harmos is digging in his heels despite calls from influential proxy advisers — who provide advice to shareholders and can vote on their behalf — for him to leave the board.

The turmoil at AMP has already claimed the scalps of chair Catherine Brenner and chief executive Craig Meller.

“Our shareholders are demanding board accountability and need to know that meaningful change is underway,” interim executive chairman Mike Wilkins said in the statement yesterday.

“I’d like to thank Patty, Vanessa and Holly for their service to AMP.

“They are extremely capable directors who have all made valuable contributions and brought great diversity of thought and experience to the board.”

The resignations came after AMP’s pleas to investors not to vote out the three directors fell on deaf ears, with one of the big proxy advisers reversing its previous support and recommending institutional clients vote against three directors facing election this week.

The Australian Council of Superannuation Investors, which represents 32 funds managing $647 billion, decided against changing its opposition to the director elections, despite the resignation of Ms Brenner last week.

In a statement issued shortly before AMP’s announcement yesterday, the council said it was maintaining its recommended vote against all three director candidates and the remuneration report.