Over the past two decades, AMP has lost billions of dollars in shareholder wealth because of incompetence and misdeeds by its board and executives.
Many people think it’s weird that business calls for economic reform are always aimed at everyone else and not at the worst forms of fraud, incompetence, and scandal, which cost many Australians billions in lost income.
Take the AMP. It saved a bank from failure during the 1990s recession, and AMP helped the Commonwealth Bank come to prominence. It owned 10% of Macquarie Bank (now Macquarie Group). With more than $90 billion in assets, it was one of the most influential investors in the country. It was one of the most influential investors in the country.
In 1998, the old AMP Society was split up. Shares in the new company were worth $6.19 in that deal. They quickly rose, reaching $15.87 in November of 1998. Since then, there have been a lot of managerial and boardroom disputes, as well as a lot of scandals.
When AMP split up, it had too much money. Hedges, National Provident Institution, and GIO were all bought by the company soon after that. GIO was a $3 billion investment that lost $1 billion, so it didn’t make any money at all
AMP’s Stock Prices
A record low price of $2.72 for AMP’s shares was set in 2003 when the company had been on the market for 73 years. For a short time in 2007, it was above $10 a share. It hasn’t been above $6 since.
As the Hayne royal commission went on, it found a wide range of misconduct and egregious rorting by AMP, so it fell below $5, then $4, then $3, then $2. It was $1.50 last week.
Over the last two decades, some of the essential people in Australian business history have been on and off the boards and in senior executive roles. This group of people who worked on the project: Ian Salmon, Ian Burgewad, George Trumbull, and Stan Wallis. Catherine Brenner, Craig Meller, David Murray, and John Fraser also worked on the project.
Complaints About Sexual Harassment
For sexual misconduct and old male directors who aren’t in touch with today, the company was now a thing of the past in 2020. As a result of the sexual harassment complaints of Julia Szlakowski, Murray and Fraser have left the company, as has Alex Wade, and Boe Pahari has been demoted. That’s not the end of the story, though.
Indeed, AMP seems to want to keep highlighting its flaws. The company released the last part of the investigation into Pahari’s harassment of Szlakowski the previous week, even though Szlakowski or her lawyers didn’t agree with it. Her claims were found to be accurate, but not all of them were found to be harassment.
Francesco De Ferrari, CEO of AMP, has told staff in internal emails that many of Szlakowski’s claims were not true. An AMP spokesperson in public repeated this statement.
AMP’s boardroom and organizational culture have been very bad for a very long time. Thousands of people have lost their money and their lives because of it. So businesspeople generally focus on alleged trade union wrongdoings, lack of workplace flexibility, unfair laws, and corporate tax rates. This is not true.
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