Australian (ASX) Stock Market Forum

AMP - AMP Limited

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over9k said:
Care to elaborate for those of us that aren't AMP holders?
Click to expand...
First of all I am neither holder of Amp nor cba.
Murray, the osted chief of amp is reportedly in some sexual misconduct allrlegations. Public press is all about it. I am saying what is in common knowledge.
CBA inquiry on banking royal commission some how easy not touched. That time he was holding a lucrative position in Fed.
My philosophy of life is simple. Doing my Karma and not to compromise or sell my soul.
Whenever I see David Murray is involved to handle my money, my ethics stays out of his shadow.
Now I will review my options to invest CBA and / or AMP when it is right point to do so.
It is my personal decision. Shared to bring the context.
Dyor.
 
Miner said:
First of all I am neither holder of Amp nor cba.
Murray, the ousted chief of amp is reportedly in some sexual misconduct allegations. Public press is all about it. I am saying what is in common knowledge.
CBA inquiry on banking royal commission some how easy not touched. That time he was holding a lucrative position in Fed.
My philosophy of life is simple. Doing my Karma and not to compromise or sell my soul.
Whenever I see David Murray is involved to handle my money, my ethics stays out of his shadow.
Now I will review my options to invest CBA and / or AMP when it is right point to do so.
It is my personal decision. Shared to bring the context.
Dyor.
Click to expand...
David Murray has resigned after months of pressure over the appointment of Boe Pahari as chief executive of AMP Capital.
Murray, as Board Chair, oversaw the process and made the appointment. It was Pahari at the end of complaints.
Pahari is now back in his old job as head of unlisted infrastructure in the AMP Capital office in London.
 
Miner said:
First of all I am neither holder of Amp nor cba.
Murray, the osted chief of amp is reportedly in some sexual misconduct allrlegations. Public press is all about it. I am saying what is in common knowledge.
CBA inquiry on banking royal commission some how easy not touched. That time he was holding a lucrative position in Fed.
My philosophy of life is simple. Doing my Karma and not to compromise or sell my soul.
Whenever I see David Murray is involved to handle my money, my ethics stays out of his shadow.
Now I will review my options to invest CBA and / or AMP when it is right point to do so.
It is my personal decision. Shared to bring the context.
Dyor.
Click to expand...
Just for clarification, I don't believe it was Murray who was the subject of sexual allegations but rather Pahari. Below from news.com.au

Mr Murray said he resigned over the board’s decision to appoint Mr Pahari to the top position at AMP Capital despite a known sexual misconduct allegation in 2017 that Mr Pahari was penalised for.
Click to expand...

gg
 
jbocker said:
And as far as misconduct goes I want to know who screwed AMP.
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Insurance was built on a commission basis. Transforming to "Financial Services" and the hoped-for Rivers of Gold associated with funds management and Superannuation (there are streams of dollars falling down, just put your hand out the window and collect some) was always going to be hard, if the incentive model permeates your culture. There was no alignment with investors' expectations; all structured to grab, grab, grab.
 
jbocker said:
Seems like a good excuse to flee the coup.
And as far as misconduct goes I want to know who screwed AMP.
Click to expand...
I think Murray has had enough, he was head hunted to sort out the AMP mess and has been at it for 2 years, it is obviously too hard IMO.
The only one who didn't get the push, was the one who was accused of the sexual misconduct, I guess the shareholders got what they wanted, now to see if it was a good move or not.
This article sums it up well IMO.
https://www.abc.net.au/news/2020-08...rector-john-fraser-resign-boe-pahari/12588366
AMP said the resignations of Mr Murray and Mr Fraser, and the demotion of Mr Pahari, are in response to feedback from some major shareholders about the initial promotion of Mr Pahari to head one of the company's main business units despite a previous sexual harassment allegation against him.

Mr Murray said he and the rest of the board had always treated the harassment complaint against Mr Pahari seriously.

"My view remains that it was dealt with appropriately in 2017 and Mr Pahari was penalised accordingly," he said in a statement.

"However, it is clear to me that, although there is considerable support for our strategy, some shareholders did not consider Mr Pahari's promotion to AMP Capital CEO to be appropriate.

"Although the board's decision on the appointment was unanimous, my decision to leave reflects my role and accountability as chairman of the board and the need to protect continuity of management, the strategy and, to the extent possible, the board."
Helen Bird, a specialist in corporate governance at Swinburne University said pressure on the company, its management and board had been building for some time, a lot of it in the background.

"I think when the Australian Council of Superannuation Investors (ACSI) became very vocal last week you started to see it really roll on," she told ABC News.
"I think the company had to have a circuit breaker, and I think today's announcement was intended that way."
However, Ms Bird added that, "A circuit breaker is not a fix."

Simon Mawhinney, portfolio manager at Allan Gray, which owns around 7 per cent of AMP's shares, appears satisfied with the company's response, for now.

"Change was needed in creating a safe workplace and sound culture," he said in a statement to ABC News.

The Australasian Centre for Corporate Responsibility's chair, Brynn O'Brien, said she was not surprised by Mr Murray's departure, given his views on a range of other social and environmental issues.
"ACCR has always questioned the suitability of David Murray for chair of a modern ASX50 company," she commented in a statement.

"Murray is a well-known climate sceptic. He waged a war against the ASX's inclusion of 'social licence' in its Corporate Governance Principles. It is quite ironic that AMP's catastrophic social licence issues ultimately brought him down.

"His views on risk and governance frameworks are stuck in the '80s and do not meet shareholder expectations of modern boards."

I don't hold.
 
Last edited:
sptrawler said:
AMP said the resignations of Mr Murray and Mr Fraser, and the demotion of Mr Pahari, are in response to feedback from some major shareholders about the initial promotion of Mr Pahari to head one of the company's main business units despite a previous sexual harassment allegation against him.
Click to expand...

What did Pahari actually do, or rather what is alleged. Was it " I suppose a root would be out of the question" or full on Attila.

AMP shareholders need to know as they know little holding such a dawg.

gg
 
Garpal Gumnut said:
What did Pahari actually do, or rather what is alleged. Was it " I suppose a root would be out of the question" or full on Attila.

AMP shareholders need to know as they know little holding such a dawg.

gg
Click to expand...
Too true GG, it is weird the shareholders wanted Murray sacked because he promoted someone who misbehaved.
However if the misdemeanor was punished, and then a position became vacant that the person was most qualified for, why wouldn't you give them the job? It would be grounds for discrimination not to do so IMO.
If Pahari did a criminal offence, the police would have been involved.
 
I feel like there's a hell of a lot we're just never going to be privvy to. It'd be handy to know an insider, but doubtful someone like that is going to be on this forum.
 
There are now further allegations of systemic problems at AMP, apart from Mr. Pahari's London episode, this time in Australia, in relation to sexist and misogynist behaviour. From The Age, today, allegations made by Senator D. O'Neill

Labor Senator Deborah O'Neill has aired a damning testimony using parliamentary privilege to expose a case of systematic sexual harassment and bullying at wealth giant AMP.
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https://www.theage.com.au/business/...er-amp-harassment-claims-20200826-p55pbn.html

This does not auger well for AMP.

gg
 
This is a bit old but, IMO, still very relevant to AMP's reputation as Financial Managers of their clients investments.

AMP Replaces CEO With Pokie Machine: ‘It’s About Fairer Outcomes for Our Customers’

pokie-machine-620x387.png


Financial services giant AMP has made a “Where’s The Gold” pokie machine it’s new CEO in a bid to drastically improve its current money management strategies.

Following the banking Royal Commission’s discovery that AMP charged investors ‘fees for no services’, the AMP board of directors appointed the pokie machine as part of a new ‘fee for potential services’ model.

The board today issued a statement to its shareholders and customers saying: “We’re committed to providing our investors with more chances to make back their money than ever before.

“Fairness, transparency and getting three recommended products in a row to unlock the bonus feature – that’s what this is all about.”

When asked for comment, the new CEO yelled, “Yeeeeeeha!” before making an explosion noise and directing further enquirers to “Findo the Dog”.
https://www.theshovel.com.au/2018/04/21/amp-replaces-ceo-with-pokie-machine/
 

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