Tuesday, September 22, 2020
Business

ASIC drops investigation into former AMP chairman Catherine Brenner

ASIC drops investigation into former AMP chairman Catherine Brenner
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It also comes after the sudden resignation of AMP chief executive of Australia, Alex Wade, over an unidentified “internal matter”. Mr Wade’s departure came after AMP had found itself in the headlines again, this time over its decision to promote Boe Pahari to chief executive of subsidiary AMP Capital despite him losing a quarter of his bonus in 2018 following allegations of inappropriate conduct by a staffer.

In a short email to The Age and the Sydney Morning Herald on Monday morning, Ms Brenner said she was delighted with the outcome.

“I am delighted to let you know that I have today received a letter from ASIC advising that there are no further issues to follow up in relation to AMP, enabling me to resume my corporate career knowing that no wrongdoing was found regarding my time at AMP.”

“I acted in good faith and carried out my duties as a chair and director appropriately and with diligence.”

“I look forward to the future, bringing my experience to assist across a number of roles.”

Ms Brenner has been contacted for further comment. ASIC has also been contacted for comment.

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Ms Brenner stood down from the AMP board in April 2018, after a then senior AMP executive, Jack Regan, told the royal commission that AMP had misled ASIC on 20 separate occasions about a report by Clayton Utz into its fees for no service issues.

AMP had presented that report as independent to ASIC, however, the royal commission heard it had been significantly altered before being handed over to the regulator.

The Clayton Utz report scandal led to AMP general counsel Brian Salter leaving his job.

The Sydney-based company said its board, including Ms Brenner, “were unaware of and disappointed about the number of drafts and the extent of the group general counsel’s interaction with Clayton Utz during the preparation of the report”.

Ms Brenner is currently a director of The George Institute of Global Health and Australian Schools Plus.

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