Economy

Non-executive directors to step down from the AMP Ltd Board

Three AMP directors have resigned ahead of the company's annual meeting this week.

While it denies criminal conduct, shareholders have revolted, wiping A$4 billion from the company's market capitalization in a month and vowing to vote out three directors - Vanessa Wallace, Holly Kramer and Andrew Harmos - on Thursday.

Ms Akopiantz is AMP's longest serving director and was not standing for re-election at the meeting.

The company said Wallace had also resigned as chairman of AMP Capital Holdings Limited with the effective date to be confirmed following a brief period of transition.

The resignations follow the exits of AMP's chairman, CEO and in-house lawyer in the wake of damaging revelations at a government-ordered inquiry that the once-venerable firm had lied to regulators and allegedly doctored an independent report.

When Murray was appointed he said one focus of his was complete board renewal to restore trust and stability in the group after allegations out of the Royal Commission.

In the ASX statement, interim executive chair Mike Wilkins said shareholders were demanding "meaningful change" and that the three women had "listened to and acted on the feedback from our investors" by stepping down.

Woolworths chairman Gordon Cairns said Holly Kramer\'s decision at AMP was both principled and dignified.

Mr Wilkins said the trio were extremely capable directors who had all made valuable contributions and brought great diversity of thought and experience to the board.

Three non-executive directors announced have announced their resignations.



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