Corporate governance

AMP is committed to the highest standard of corporate governance

Our corporate governance

We have a responsibility to all our stakeholders, including shareholders, customers, employees, the community and the environment. The board places great importance on maintaining the highest standards of governance and continually reviews its governance practices to address AMP’s obligations as a responsible corporate citizen.

Corporate governance statement

Each year AMP issues a corporate governance statement. The statement sets out the corporate governance framework adopted by the board and outlines the work undertaken by the board and its committees over the past financial year.

View the corporate governance statement

AMP Bank has adopted the
Code of Banking Practice
.

Corporate governance charter

The corporate governance charter adopted by the board of directors of AMP Limited is designed to promote the highest standard of corporate governance across the AMP group. The charter outlines the roles and responsibilities of the board of directors and the management team and operates in conjunction with the AMP constitution and relevant laws.

View our corporate governance charter

Constitution

The current AMP Limited constitution was adopted by shareholders on 10 May 2012. The constitution outlines the rules and principles for governing our business.

View our constitution 

Corporate policies

For AMP, doing the right thing by the people who depend on us is more than a legal and ethical obligation. It’s an essential part of who we are. Our guiding principles for the way we behave are set out in our code of conduct.

View our code of conduct

AMP is committed to providing a diverse and inclusive working environment where high performing people choose to work. We believe a diverse and inclusive workplace will build a culture where diversity of thought is a competitive advantage, people and their ideas are respected, innovation is fostered and superior results are delivered for employees, customers, shareholders and communities.

View our Inclusion and Diversion policy

In order to meet AMP’s strategic objectives and deliver sustainable growth in earnings and shareholder value we need to take considered risks. Our enterprise risk management policy outlines the components of the risk management framework which have been established to ensure all risks are managed effectively to meet the reasonable expectations of key stakeholders and safeguard AMP’s reputation and capital.

View a summary of our enterprise risk management policy

AMP is committed to creating shared value with the communities in which we operate and to working to build a more sustainable future. We are committed to finding ways to improve environmental performance, maximise resource efficiency and minimise our environmental impact.

View our environment policy

AMP's places great importance on maintaining the highest standard of corporate governance and believes in the importance of fair trading in its securities (including shares, options and performance rights). AMP employees are not allowed to use any form of hedging arrangement in relation to AMP shares.

View our hedging policy

AMP is committed to:

  • ensuring all stakeholders and have equal and timely access to information made available by AMP
  • complying with the continuous disclosure obligations contained in the Listing Rules and the Corporations Act.

View our market disclosure policy

AMP adopts a bi-partisan approach to politics and actively engages in conversations with the government, the opposition, backbenchers and local communities about contemporary and future financial issues and opportunities. AMP provides funding to The Menzies and Chifley Research Centres to support research into significant public policy issues in Australia. AMP also pays fees to attend events organised by political parties where those events allow for discussion on major policy issues with key opinion leaders and policy makers. We do this as part of our contribution to the development of public policy for the benefit of the Australian community and our customers. AMP publicly declares all contributions to political parties consistent with the requirements of the Australian Electoral Commission (AEC). AMP generally does not make donations for political purposes. In 2015, AMP contributed $11,000 to the Menzies Research Centre and $20,000 to the Chifley Research Centre for public policy research. AMP also paid $22,650 to attend Liberal Party policy briefings, conferences and dinners, $11,500 for Federal Labor Business Forum Membership and $500 to attend the Federal Budget Reply Dinner.

AMP expects directors and employees of the company to act with integrity and honesty at all times. The AMP trading policy sets out our policy regarding the trading of AMP securities by directors and employees.

The AMP trading policy aims to:

  • protect stakeholders’ interests at all times
  • ensure that directors and employees do not use any inside information they possess for their or someone else's personal advantage, or to a client's or to AMP’s detriment, and
  • ensure that directors and employees comply with the insider trading provisions of the Corporations Act.

View our trading policy

As part of AMP's corporate governance practices and drive to maintain an open and honest culture, a 'whistleblowing' policy has been developed that encourages employees, contractors, officers, agents and Authorised Representatives to raise concerns on unacceptable and unethical conduct by establishing an objective, independent and confidential process for reporting and investigating actual, suspected or anticipated improprieties. Employees are encouraged in the first instance to raise matters of Reportable Conduct with their Team Leader, Manager, Human Resources or with Group Risk Management.

If you have a concern or complaint about a product or service, please contact your Authorised Representative or contact us directly.  Our Customer Service Officers are available to answer your enquiries and complaints.  Please refer to the following AMP website for links to the AMP Financial Services Guides (FSG), which explains our internal and external complaints handling procedures.

Board committees

The AMP Limited board has four permanent committees to assist in the execution of its responsibilities. The committees focus on different areas, considering issues, making recommendations and taking action as necessary.

Responsible for:

  • integrity of the financial statements
  • AMP's relationship with the external auditor
  • monitoring the performance and independence of the external auditor and Internal Audit team

View the Audit Committee terms of reference

Chair
Committee Member
Committee Member
Committee Member

Geoff Roberts

Chair

BCom, MBA

Geoff was appointed to the AMP Limited Board and as Chairman of the Audit Committee in July 2016. He was a Director of AMP Life Limited and The National Mutual Life Association of Australasia Limited and a member of the Audit Committee of each from July 2011 until March 2012.

Experience

Geoff has more than 30 years' experience in financial services across Australia, Asia and Europe. He was appointed Group Chief Financial Officer of SEEK in June 2015 and prior to that held the positions of Managing Partner of Deloitte Victoria and Group CFO of AXA Asia Pacific Holdings. Geoff is a Fellow of the Institute of Chartered Accountants and has also served the not-for-profit sector as Chairman of the Reach Foundation and a Director of Vision Australia. 

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Holly Kramer

Committee Member

BA, MBA

Holly was appointed to the AMP Limited Board in October 2015 and was appointed a member of the Audit Committee in November 2015. Holly was also appointed to the AMP Life Limited and The National Mutual Life Association of Australasia Limited Boards and as a member of the Audit Committee and Risk Committee of each board in May 2016.

Experience

Holly has more than 20 years' experience in general management, marketing and sales for customer-focused organisations. Most recently Holly was Chief Executive Officer of apparel retailer Best & Less, where she transformed the business and returned it to growth and profitability. Holly has also held senior executive and marketing roles with Pacific Brands, Telstra, eCorp and the Ford Motor Company.

Listed directorships

  • Director of Nine Entertainment Co. Holdings Limited (appointed May 2015)
  • Director of Woolworths Limited (appointed February 2016)

Government and community involvement

  • Director of Australia Post
  • Director of Southern Phone Company Limited
  • Director of the Alannah and Madeleine Foundation

Trevor Matthews

Committee Member

MA

Trevor was appointed to the AMP Limited Board in March 2014, became a member of its Audit Committee in May 2014 and a member of the Risk Committee in November 2014. Trevor joined the AMP Life Limited and The National Mutual Life Association of Australasia Limited Boards in June 2014 and was appointed Chairman of those boards in May 2016. He is also a member of the Audit Committee and Risk Committee of each of those boards.

Experience

Trevor has extensive international life insurance experience. He was previously with Aviva as Executive Director and Chairman, Developed Markets and prior to that Chief Executive Officer (CEO) of Aviva United Kingdom (UK). Trevor has held the position of Group CEO with Friends Provident and CEO with Standard Life in the UK, and CEO of Manulife Financial in Japan. He has also held senior roles with National Australia Bank and Legal & General in Australia.

Trevor was Commissioner for the UK Commission for Employment and Skills, Chairman of the Financial Services Skills Council in the UK, and served on the boards of the Life Insurance Association of Japan, the Life Office Management Association in the United States, and the Life Investment and Superannuation Association in Australia. Trevor is a Director of Bupa Australia and New Zealand and a Fellow of the Institute of Actuaries in Australia and the UK.

Listed directorships

  • Director of Cover-More Group Limited (appointed December 2013)
  • Chairman of 1st Available Ltd (appointed February 2015)

Government and community involvement

  • Chairman of the NSW State Insurance Regulatory Authority

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Peter Shergold

Committee Member

BA (Hons), MA, PhD

Peter was appointed to the AMP Limited Board in May 2008, as Chairman of its Risk Committee in November 2014 and as a member of the Nomination and Governance Committee in August 2016. Peter was appointed to the AMP Life Limited Board in August 2008 and The National Mutual Life Association of Australasia Limited Board in March 2011. He was also appointed a Director of AMP Bank Limited in February 2016. 

Experience

Peter is Chancellor and Chair of the board of trustees of Western Sydney University. He serves on a number of private sector, government and not-for-profit boards, including as a Director of Corrs Chambers Westgarth and Chairman of Opal Aged Care. Previously, Peter served as Secretary of the Department of the Prime Minister and Cabinet, Chief Executive Officer of the Aboriginal and Torres Strait Islander Commission and Comcare, Public Service Commissioner, Secretary of the Department of Employment, Workplace Relations and Small Business, and Secretary of the Department of Education, Science and Training.

He was appointed a Member of the Order of Australia in 1996, awarded a Centenary Medal in 2003 and made a Companion of the Order of Australia in 2007, each being for public service.

Listed directorships

  • Director of Veda Group Limited (October 2013 - February 2016)

Government and community involvement

  • Chairman of the National Centre for Vocational Education Research
  • Chairman of the NSW Public Service Commission Advisory Board
  • NSW Coordinator-General for Refugee Resettlement

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Responsible for:

  • composition of the board and the boards of the key subsidiaries
  • succession planning for the board and the boards of the key subsidiaries
  • board, committee and director performance review planning
  • non-executive director remuneration

View the Nomination & Governance Committee terms of reference

Chair
Committee Member
Committee Member

Catherine Brenner

Chair

BEc, LLB, MBA

Catherine was appointed to the AMP Limited Board in June 2010 and assumed the role of Chairman in June 2016. She became Chairman of the Nomination and Governance Committee in May 2013 and a member of the People and Remuneration Committee in June 2016. Catherine served as Director of AMP Life Limited from May 2009 and The National Mutual Life Association of Australasia Limited from March 2011, serving both companies until May 2016 and as Chairman for the last five years.

Experience

Catherine is a former senior investment banker and corporate lawyer with experience in corporate advisory and equity capital markets. She has served on public company boards in the resources, property and biotech sectors for over a decade. Catherine has also previously served as a member of the Takeovers Panel and as a board member and trustee of not-for-profit and government organisations, including the Sydney Opera House.

Listed directorships

  • Director of Boral Limited (appointed September 2010)
  • Director of Coca-Cola Amatil Limited (appointed April 2008)

Government and community involvement

  • Director of SCEGGS Darlinghurst Limited
  • Panel Member, Adara Partners

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Patricia (Patty) Akopiantz

Committee Member

BA, MBA

Patty was appointed to the AMP Limited Board and the People and Remuneration Committee in March 2011, becoming Chairman of that committee in August 2014. She joined the Nomination and Governance Committee in August 2015. Patty was appointed a Director of AMP Bank Limited in November 2011 and Chairman in November 2015. She became a member of the AMP Bank Audit Committee and the AMP Bank Risk Committee in November 2014.

Experience

Patty has over 25 years' senior management and consultancy experience, primarily in the retail and consumer industries both in Australia and overseas. She has served as General Manager of Marketing at David Jones, Vice President for a United States apparel manufacturer and as a management consultant with McKinsey, advising some of Australia’s leading companies on strategy and organisational change.

Over the last 13 years, Patty has served on numerous boards including AXA Asia Pacific Holdings and Coles Group. In 2003, she was awarded a Centenary Medal for services to Australian society in business leadership.

Listed directorships

  • Director of Ramsay Health Care Limited (appointed April 2015)

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Peter Shergold

Committee Member

BA (Hons), MA, PhD

Peter was appointed to the AMP Limited Board in May 2008, as Chairman of its Risk Committee in November 2014 and as a member of the Nomination and Governance Committee in August 2016. Peter was appointed to the AMP Life Limited Board in August 2008 and The National Mutual Life Association of Australasia Limited Board in March 2011. He was also appointed a Director of AMP Bank Limited in February 2016. 

Experience

Peter is Chancellor and Chair of the board of trustees of Western Sydney University. He serves on a number of private sector, government and not-for-profit boards, including as a Director of Corrs Chambers Westgarth and Chairman of Opal Aged Care. Previously, Peter served as Secretary of the Department of the Prime Minister and Cabinet, Chief Executive Officer of the Aboriginal and Torres Strait Islander Commission and Comcare, Public Service Commissioner, Secretary of the Department of Employment, Workplace Relations and Small Business, and Secretary of the Department of Education, Science and Training.

He was appointed a Member of the Order of Australia in 1996, awarded a Centenary Medal in 2003 and made a Companion of the Order of Australia in 2007, each being for public service.

Listed directorships

  • Director of Veda Group Limited (October 2013 - February 2016)

Government and community involvement

  • Chairman of the National Centre for Vocational Education Research
  • Chairman of the NSW Public Service Commission Advisory Board
  • NSW Coordinator-General for Refugee Resettlement

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Responsible for:

  • effectiveness, integrity and legal compliance of remuneration programs
  • total remuneration packages, performance objectives and performance of the CEO, the AMP management team and other employees whose activities could affect AMP's financial soundness
  • succession planning and talent management
  •  AMP's diversity strategy

View the People and Remuneration Committee terms of reference

Chair
Committee Member
Committee Member

Patricia (Patty) Akopiantz

Chair

BA, MBA

Patty was appointed to the AMP Limited Board and the People and Remuneration Committee in March 2011, becoming Chairman of that committee in August 2014. She joined the Nomination and Governance Committee in August 2015. Patty was appointed a Director of AMP Bank Limited in November 2011 and Chairman in November 2015. She became a member of the AMP Bank Audit Committee and the AMP Bank Risk Committee in November 2014.

Experience

Patty has over 25 years' senior management and consultancy experience, primarily in the retail and consumer industries both in Australia and overseas. She has served as General Manager of Marketing at David Jones, Vice President for a United States apparel manufacturer and as a management consultant with McKinsey, advising some of Australia’s leading companies on strategy and organisational change.

Over the last 13 years, Patty has served on numerous boards including AXA Asia Pacific Holdings and Coles Group. In 2003, she was awarded a Centenary Medal for services to Australian society in business leadership.

Listed directorships

  • Director of Ramsay Health Care Limited (appointed April 2015)

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Catherine Brenner

Committee Member

BEc, LLB, MBA

Catherine was appointed to the AMP Limited Board in June 2010 and assumed the role of Chairman in June 2016. She became Chairman of the Nomination and Governance Committee in May 2013 and a member of the People and Remuneration Committee in June 2016. Catherine served as Director of AMP Life Limited from May 2009 and The National Mutual Life Association of Australasia Limited from March 2011, serving both companies until May 2016 and as Chairman for the last five years.

Experience

Catherine is a former senior investment banker and corporate lawyer with experience in corporate advisory and equity capital markets. She has served on public company boards in the resources, property and biotech sectors for over a decade. Catherine has also previously served as a member of the Takeovers Panel and as a board member and trustee of not-for-profit and government organisations, including the Sydney Opera House.

Listed directorships

  • Director of Boral Limited (appointed September 2010)
  • Director of Coca-Cola Amatil Limited (appointed April 2008)

Government and community involvement

  • Director of SCEGGS Darlinghurst Limited
  • Panel Member, Adara Partners

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Vanessa Wallace

Committee Member

BCom, MBA

Vanessa was appointed to the AMP Limited Board, and as a member of the Risk Committee and the People and Remuneration Committee in March 2016. She was appointed as Chairman of the AMP Capital Holdings Limited Board in August 2016, having joined the Board and its Audit and Risk Committee in May 2016.

Experience

Vanessa has over 30 years' experience consulting to the financial services sector across Asia Pacific, most recently as Executive Chairman of Strategy& Japan Inc which formed from the merger of PwC and Booz & Company. Previously she was Booz & Company’s financial services practice leader and held multiple governance roles at the highest level within Booz’s global partnership including member of the board.  She was actively involved in the firm’s strategy and customer, channels and markets activities which focused on areas such as customer experience, offer design and channels to market across a number of industries. Vanessa also has experience in mergers and acquisitions and post-merger integration.

Listed directorships

  • Director of Wesfarmers Limited (appointed July 2010)

Government and community involvement

  • Member of the Chairman's Council of the Australian Chamber Orchestra Pty Ltd
  • Member of the MS Research Australia Leadership Council

Responsible for:

  • appointment of chief risk officer
  • maintaining a sound risk culture
  • managing our current and future risk position relative to our risk appetite and capital strength
  • effectiveness and integrity of the enterprise risk management framework

View the Risk Committee terms of reference

Chair
Committee Member
Committee Member

Peter Shergold

Chair

BA (Hons), MA, PhD

Peter was appointed to the AMP Limited Board in May 2008, as Chairman of its Risk Committee in November 2014 and as a member of the Nomination and Governance Committee in August 2016. Peter was appointed to the AMP Life Limited Board in August 2008 and The National Mutual Life Association of Australasia Limited Board in March 2011. He was also appointed a Director of AMP Bank Limited in February 2016. 

Experience

Peter is Chancellor and Chair of the board of trustees of Western Sydney University. He serves on a number of private sector, government and not-for-profit boards, including as a Director of Corrs Chambers Westgarth and Chairman of Opal Aged Care. Previously, Peter served as Secretary of the Department of the Prime Minister and Cabinet, Chief Executive Officer of the Aboriginal and Torres Strait Islander Commission and Comcare, Public Service Commissioner, Secretary of the Department of Employment, Workplace Relations and Small Business, and Secretary of the Department of Education, Science and Training.

He was appointed a Member of the Order of Australia in 1996, awarded a Centenary Medal in 2003 and made a Companion of the Order of Australia in 2007, each being for public service.

Listed directorships

  • Director of Veda Group Limited (October 2013 - February 2016)

Government and community involvement

  • Chairman of the National Centre for Vocational Education Research
  • Chairman of the NSW Public Service Commission Advisory Board
  • NSW Coordinator-General for Refugee Resettlement

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Trevor Matthews

Committee Member

MA

Trevor was appointed to the AMP Limited Board in March 2014, became a member of its Audit Committee in May 2014 and a member of the Risk Committee in November 2014. Trevor joined the AMP Life Limited and The National Mutual Life Association of Australasia Limited Boards in June 2014 and was appointed Chairman of those boards in May 2016. He is also a member of the Audit Committee and Risk Committee of each of those boards.

Experience

Trevor has extensive international life insurance experience. He was previously with Aviva as Executive Director and Chairman, Developed Markets and prior to that Chief Executive Officer (CEO) of Aviva United Kingdom (UK). Trevor has held the position of Group CEO with Friends Provident and CEO with Standard Life in the UK, and CEO of Manulife Financial in Japan. He has also held senior roles with National Australia Bank and Legal & General in Australia.

Trevor was Commissioner for the UK Commission for Employment and Skills, Chairman of the Financial Services Skills Council in the UK, and served on the boards of the Life Insurance Association of Japan, the Life Office Management Association in the United States, and the Life Investment and Superannuation Association in Australia. Trevor is a Director of Bupa Australia and New Zealand and a Fellow of the Institute of Actuaries in Australia and the UK.

Listed directorships

  • Director of Cover-More Group Limited (appointed December 2013)
  • Chairman of 1st Available Ltd (appointed February 2015)

Government and community involvement

  • Chairman of the NSW State Insurance Regulatory Authority

Download hi-res image

Vanessa Wallace

Committee Member

BCom, MBA

Vanessa was appointed to the AMP Limited Board, and as a member of the Risk Committee and the People and Remuneration Committee in March 2016. She was appointed as Chairman of the AMP Capital Holdings Limited Board in August 2016, having joined the Board and its Audit and Risk Committee in May 2016.

Experience

Vanessa has over 30 years' experience consulting to the financial services sector across Asia Pacific, most recently as Executive Chairman of Strategy& Japan Inc which formed from the merger of PwC and Booz & Company. Previously she was Booz & Company’s financial services practice leader and held multiple governance roles at the highest level within Booz’s global partnership including member of the board.  She was actively involved in the firm’s strategy and customer, channels and markets activities which focused on areas such as customer experience, offer design and channels to market across a number of industries. Vanessa also has experience in mergers and acquisitions and post-merger integration.

Listed directorships

  • Director of Wesfarmers Limited (appointed July 2010)

Government and community involvement

  • Member of the Chairman's Council of the Australian Chamber Orchestra Pty Ltd
  • Member of the MS Research Australia Leadership Council
   Audit Committee Nomination Committee People and remuneration Committee Risk Committee
Chair Geoff Roberts Catherine Brenner Patty Akopiantz Peter Shergold
Members

 Peter Shergold

 Holly Kramer

 Trevor Matthews

 Patty Akopiantz

 Peter Shergold

 Catherine Brenner

 Vanessa Wallace

 Trevor Matthews

 Vanessa Wallace

Responsible for:
  • integrity of the financial statements
  • AMP's relationship with the external auditor
  • monitoring the performance and independence of the external auditor and Internal Audit team
  • composition of the board and the boards of the key subsidiaries
  • succession planning for the board and the boards of the key subsidiaries
  • board, committee and director performance review planning
  • non-executive director remuneration
  • effectiveness, integrity and legal compliance of remuneration programs
  • total remuneration packages, performance objectives and performance of the CEO, the AMP management team and other employees whose activities could affect AMP's financial soundness
  • succession planning and talent management
  • AMP's diversity strategy
  • appointment of chief risk officer
  • maintaining a sound risk culture
  • managing our current and future risk position relative to our risk appetite and capital strength
  • effectiveness and integrity of the enterprise risk management framework
Terms of reference Audit Committee Terms of Reference Nomination Committee Terms of Reference People and Remuneration Committee Terms of Reference Risk Committee Terms of Reference

Trustee information

AMP Superannuation Limited ABN 31 008 414 104 is the trustee of the following registrable superannuation entities (RSEs):

  • AMP Superannuation Savings Trust (SST)
  • AMP Eligible Rollover Fund (ERF)
  • AMP Retirement Trust (ART).

NM Superannuation Proprietary Limited ABN 31 008 428 322 is the trustee of the following RSEs:

  • Wealth Personal Superannuation and Pension Fund (Wealth)
  • Super Directions Fund (SDF)
  • National Mutual Pro-Super Fund (Pro-Super)
  • The Retirement Plan (TRP)
  • National Mutual Retirement Fund (NMRF)
  • Synergy Superannuation Master Fund (Synergy)
  • First Quest Retirement Service (First Quest).

 

AMP Superannuation Limited and NM Superannuation Proprietary Limited, as a trustee, are responsible for:

  • all aspects of the operation of the RSEs
  • ensuring the RSEs are properly administered in accordance with their trust deeds
  • ensuring the RSEs comply with relevant legislation.

AMP Superannuation Limited and NM Superannuation Proprietary Limited are in compliance with The Financial Services Council Standard 20.

The executive officers of the trustees are the board of directors of the trustees as well as Rachel Sansom, Director of Trustee Services.

 

Click below for Rachel's biography.

Director of Trustee Services

Rachel Sansom

Director of Trustee Services

Rachel was appointed to the role of Director of Trustee Services in October 2015. The Trustee Services team is responsible for assisting the trustees of AMP's superannuation funds operate in compliance with their regulatory, fiduciary and licensing obligations.

Rachel joined AMP in 1996 and her most recent role, prior to joining Trustee Services, was as the Head of Group Executive, Advice and Banking's Office. In that role she worked with the Group Executive, Advice & Banking and his team to support the strategic and tactical management of the business. Rachel has held a variety of roles during her time at AMP including Head of AMP Financial Services Managing Director's Office, Strategic Planning and Corporate Responsibility Manager and Research & Project Manager - Stakeholder Responsibility.

Rachel has a Bachelor of Business in International Business Management and is a graduate of the Australian Institute of Company Directors.
 

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