9News: Investor Anger

Ross Greenwood: After a month of shocking revelations and resignations, today AMP shareholders had their chance to give it to the board – and they didn’t miss.

Vox Pops: I wish to hear them apologise for robbing their own customers and giving them bad advice.

We pay, but we don’t pay for nothing… we like to see something for our money.

We are really disappointed, we hoped to see better from them than that.

Ross: That follows allegations the AMP (ASX:AMP) charged customers for fees but gave them no service. And then lied to corporate cop ASIC. It even prompted a former Premier to chime in.

Nathan Rees: From the Royal Commission, people in the street are absolutely outstanded by the lack of morality and the alck of compliance with the law.

Ross: Chairman, gone. Chief Executive, gone. Chief legal counsel, gone. Three AMP Directors…gone, gone, gone.

Now, AMP has to convince its shareholders it has a future. Notwithstanding recommendations from the Royal Commission of criminal charges, plus at least two class actions.

Interim executive chairman, Mike Wilkins, apologised time and again.

Mike Wilkins: Its only right I begin by reiterating and reaffirming our unreserved apology.

We are truly sorry.

Ross: But shareholders got their vengeance – more than 60 per cent voted against the executives’ pay deal, first strike against the board.

John Whittington: If there’s a second strike next year, a resolution must go to the meeting to spill all board members.

Ross: But more resignations are on the way, the chairman says.

Mike Wilkins: We do expect a further renewal will be happening to the board.

Ross: Part of that renewal, Patty Akopiantz, the last remaining omen on the MAP board.

Patty Akopiantz: Based on the feedback from shareholders, it was appropriate that I offer my resignation.

Vox Pops: It’s a great company, I loved working for the company but no the trust is…its going to take a long time to get that trust back again.

Ross: Ross Greenwood, Nine News.


Money Minute – September 4 2017 Controlling Companies .

Interviewed  Josh Rowe, former Non-Ececutive Director,auDA titled ” Revolt at .au domain name administrator .”

Interviewed  Craig Coleman,, Viburnum Funds Management titled ” Dreamworld owners shareholder revolt .”

Interviewed  Simon Kelly, CEO, Ardent Leisure titled ” Shareholder revolt at Ardent Leisure .”

Money Minute – May 25 2017 “Investor Revolt” .

Previous: Why Labor is committing to ‘progressive taxation’
Next: Furious shareholders launch attack

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

1388 More posts in News category
Recommended for you
Is the Government’s budget down to luck?

Ross Greenwood speaks to Shadow Assistant Treasurer Dr Andrew Leigh who says the government has experienced “luck...