AMP directors quit amid banking royal commission findings

Two of the three AMP directors standing for re-election at this week's annual general meeting have decided to resign, with the company's longest-serving director to follow.

The Australian Shareholders' Association had said it would vote against the re-election of Vanessa Wallace and Holly Kramer following damaging revelations about AMP at the banking royal commission, but both will now step down before Thursday's annual general meeting.

Andrew Harmos will still stand for re-election despite the ASA's intention to oppose him, while Patty Akopiantz will end her seven plus-year stint on the board by the end of 2018.

"Our shareholders are demanding board accountability and need to know that meaningful change is underway," AMP Interim Executive Chariman Mike Wilkins said in a statement to the ASX on Tuesday.

The banking royal commission had already claimed two major scalps from AMP, with CEO Craig Mellor resigning in April, followed by Chairman Catherine Brenner.

AMP's market value has fallen by more than $2 billion since its executives began giving testimony to the royal commission.

The Commission's 3rd round of hearings will get underway on May 21.

https://www.9news.com.au/national/2018/05/08/11/15/amp-directors-resign-amid-banking-royal-commission-findings