AMP Limited’s board reshuffle continues

AMP Limited’s (ASX: AMP) annual general meeting to be held next Thursday was supposed to mark the announcement of the company’s strategic portfolio review outcome, which could have led to the divestment of some of the wealth manager’s worst performing operations, likely including life insurance.

However, the recent Royal Commission storm that prompted the resignation of CEO Craig Meller and chair Catherine Brenner, will most likely change the tone of the meeting.

In anticipation of a contrary vote, two non-executive directors running for re-election, Vanessa Wallace and Holly Kramer, chose to resign ahead of the AGM. AMP’s longest serving director, Patty Akopiantz, who wasn’t up for re-election, offered to step down at the end of 2018, acknowledging the need for renewal.

AMP interim executive chairman Mike Wilkins said: “Our shareholders are demanding board accountability and need to know that meaningful change is underway.”

On Thursday, a shareholders protest vote could be cast against Andrew Harmos, who still stands as a candidate to the board.

At the time of writing, shares in AMP trade flat at $4.12.

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Motley Fool contributor Tommaso Autorino has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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