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K&W Mallesons gets AMP governance gig amid royal commission scandal

Financial institution AMP has announced it will appoint King & Wood Mallesons to assist with a review of governance issues uncovered by the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.

user iconAleks Vickovich • 20 April 2018 • Big Law
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Earlier this week AMP was castigated at the royal commission for admitting to at least 20 false and misleading statements made to the Australian Securities and Investment Commission over a seven-year period.

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Today the listed financial services giant has announced it will establish a committee to review the admitted misconduct, with King & Wood Mallesons appointed to advise the committee as external counsel.

The appointment follows the royal commission questioning the independence of a review previously conducted for AMP by rival firm Clayton Utz.

AMP has also announced that its group general counsel Brian Salter will be taking a leave of absence while the review is underway, with AMP lawyer David Cullen taking the reins. 

During royal commission proceedings, Mr Salter was named as a key figure in the drafting of misleading statements. 

AMP has announced that CEO Craig Meller will resign effective immediately in wake of the royal commission scandal. 

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