AMP chief executive officer Francesco De Ferrari (Image: AAP/Joel Carrett)

AMP has finally faced a reckoning over sexual harassment allegations.

The chairman is gone and the alleged harasser has been demoted. But the process of unpicking the company’s rotten corporate culture has only just begun.

Right from the start, the problem was much bigger than Boe Pahari, the alleged sexual harasser at the centre of the scandal. The board’s willingness to protect Pahari at all costs and downplay Julia Szlakowski’s complaints show just how conflicted an organisation can be when faced with the choice between doing the right thing and protecting its bottom line.