Companies

Apr 20, 2018

AMP attempts damage control in wake of royal commission debacle

AMP has dumped its CEO and stood aside its senior lawyer to try to control the damage from the banking royal commission, but it won't be enough. And why is the Business Council so quiet?

Glenn Dyer and Bernard Keane

Crikey business and media commentator / Politics editor

The AMP board this morning moved to cauterise the damage inflicted by this week's disastrous royal commission revelations by sacking its CEO, standing aside its most senior lawyer and promising an "immediate, comprehensive review of AMP’s regulatory reporting and governance".

It ain't gonna be enough.

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6 comments

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6 thoughts on “AMP attempts damage control in wake of royal commission debacle

  1. Nudiefish

    Ah yes, the BCA. Now that you mention it we haven’t heard their silken voices in a couple of weeks now.

    P’haps their blessed silence is just a coincidence?

  2. paddy

    It would be good to hear what Craig Meller’s termination package is.
    I somehow doubt that being “fired” with an obscenely large golden handshake will
    impress the public. Actual incarceration would be much more fitting. (And effective.)

    1. Wayne Cusick

      Agreed.

      He should pay back his bonuses for all the years he was in charge while this shit was going on.

      Also, AMP should be returned to a non-profit mutual society, as it was for the first 149 years of its life.

  3. AR

    Apart from dulcet BCA tones of Mammon “..whose words dripped manna and seemed fair..“, I’m still waiting to hear from the erstwhile icon of gender balanced Labor, Anna Bligh in her role as the smiling face of benevolent banksters.

  4. Peter Schulz

    It’s not just the pompous windbags at the BCA who’ve been quiet. The Murdoch media seem to be missing in action too. The (Adelaide) Advertiser has been reporting snippets of the bombshell RC findings on page 50-something in the Business section, but nothing in the general news section until today, when they ran a small story on the ‘tough’ actions the Turnbull government is proposing against errant financiers – essentially twisting the whole saga into a positive for the Turnbull government. Apparently Murdoch’s cute little logo of ‘Your Right to Know’ does not apply to telling the sheeple what the captains of capitalism have been doing to them.

  5. JM

    If only the ALP would offer me a decent leader, I would be shifting my vote. This will only confuse the political landscape by boosting the independents.

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