AMP has issued an unreserved apology to its customers, shareholders and the entire community over the mounting fee-for-no-service scandal and allegations it mislead is its regulator, Australian Securities and Investments Commission.
AMP's interim executive chairman Mike Wilkins told the company's annual general meeting the issues highlighted at the bank and financial services royal commission in were unacceptable.
"We let you down, we have let our customers down and we have let the wider community down," Mr Wilkins told investors at the meeting Melbourne.
Mr Wilkins conceded angry investors were almost certain to vote down AMP's remuneration report at the AGM. A second vote next year will result in a spill of all boardroom positions.
"We have heard loud and clear that you [shareholders] require change," Mr Wilkins said.
"The board has accepted accountability, to date some 50 per cent of the board has left or is leaving.
"The scale of these changes reflects the gravity of the issue," Mr Wilkins said.
More to come.
