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AMP ‘strongly encouraged’ to avoid building all-male board

Avoid, thumbs down, AMP

Following the announcement that its three female board members would step down, AMP has been reminded that there is “no shortage” of appropriately talented women to take their place.

The Australian Council of Superannuation Investors (ACSI) has called on the financial services giant to consider the “appropriately skilled, experienced and talented” Australian women who would be suitable for directorships.

ACSI chief executive Louise Davidson said that while the council welcomes the “belated” recognition that board accountability and renewal was required in the wake of the royal commission’s revelations, it also wants to understand why the three directors, Vanessa Wallace, Holly Kramer and Patty Akopiantz and not others have resigned.

Ms Akopiantz will depart at the end of the year.

“We look forward to hearing more from the company about why these particular directors and not others have resigned,” Ms Davidson said.

“We ... categorically reject the link which some have tried to make between governance failures at AMP and gender.

“We strongly encourage AMP to make sure they don’t end up with no women on their board as a result of this development. There is no shortage of appropriately skilled, experienced and talented women for directorships in Australia.”

ACSI applauded the resignation of former AMP chair Catherine Brenner, but argued that the “underlying governance and culture issues” still needed addressing.

“Clearly a lot of change is required at the company. This must extend to further board renewal. Investors need reassurance that the poor culture and governance practices exposed at the royal commission have been banished and new perspectives installed,” Ms Davidson said.

AMP ‘strongly encouraged’ to avoid building all-male board
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