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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