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Major AMP shareholder calls for chairman to step down

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A major AMP shareholder is calling for the replacement of its chairman, David Murray, after the company sold off its life insurance arm.

AMP’s decision to sell off its life insurance business last year was slammed by investors.

The business who opposed the sale Merlon Capital blames the decision for a fall in share prices.

Merlon Capital Analyst Hamish Carlisle tells Ross Greenwood they did not have shareholders approval to sell off the business.

“It’s the first time in Australian corporate history that a company has divested so much of its operations without shareholders approval.

“The type of behaviour that is acceptable and appropriate… is very grim if this is waived through and there’s no consequence.”

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