Brenner and Salter exit AMP
AMP Limited chairman, Catherine Brenner has resigned and will step down immediately.
The company has announced to the Australian Securities Exchange that Brenner will be replaced in the interim by Mike Wilkins as executive chairman.
It said Wilkins would lead the company as executive chairman while the process of replacing Brenner took place.
AMP also announced that its Group General Counsel and Company Secretary, Brian Salter, would leave the company with his outstanding deferred remuneration forfeited as a result of the Board exercising its discretion.
However, amid the Brenner and Salter exits, the company also said that it had received an independent legal report and the board was satisfied that Brenner, former chief executive, Craig Meller, and other directors had not acted inappropriately in relation to the preparation of the Clayton Utz Report.
Recommended for you
It can be extremely hard to realise the gains from financial advice M&A, according to Peloton Partners’ Rob Jones, and more could be gained from firms looking inward at their own practice.
With platforms reporting their quarterly results, there is a clear divide in the adviser markets they are targeting, according to platform specialist Recep Peker, and which would be right for your clients.
The Federal Court has imposed a $10 million penalty on Macquarie Bank for failing to prevent and control unauthorised fee transactions by third parties including financial advisers.
A financial advice firm has seen a weekly decline of 10 advisers, with all moving to a new licensee, while Centrepoint Alliance continues its “growth story”.