Shareholders furious, class action launched against AMP
Furious shareholders have put AMP’s board on notice, grilling the financial services giant over conduct exposed at the Banking Royal Commission.
AMP has received the largest shareholder protest vote for a major company in our corporate history after 61% sided against the company’s executive pay report.
Shareholders are seething, with one investor telling Ross Greenwood at the annual general meeting he wants the company to apologise for “robbing their own customers”.
Former NSW Premier and current Deputy Leader of the Finance Sector Union Nathan Rees tells Ross the royal commission has been a “serious blow” to their members.
“The reputation of AMP and the big banks has been trashed in recent weeks and our members have been doing it tough.”
Mr Rees says AMP has “no choice” but to change its culture.
The disaster doesn’t end there for AMP, with a second class action lodged against them in the courts.
Quinn Emmanuel is one of the firms launching action on behalf of shareholders and investors, with partner at the firm Damian Scattini telling Ross the company “should not have been misleading the market”.
“When the log was rolled over, when the truth came out, you saw what happened to the share price and that was always what was going to happen.
“I don’t know what they were thinking.”
Mr Scattini says this case is a big one, with thousands of shareholders affected.
“$2 billion in shareholder value was blown away in almost record time.”
Click PLAY below to hear the full interview with Nathan Rees
Click PLAY below to hear from Damian Scattini