Public service veteran retires from AMP

A long-serving company director and public servant will step down from AMP's board in May.

Peter Shergold, who became an AMP director in 2008, held multiple positions including chair of the risk committee and non-executive director of both AMP Life and AMP Bank.

Shergold is the current chancellor of Western Sydney University and has had an extensive career in public service, having been the chief executive of the Aboriginal and Torres Strait Islander Commission, commissioner of the Australian Public Service and secretary of the Department of the Prime Minister and Cabinet.

AMP chair Catherine Brenner said Shergold "has made a significant contribution to AMP over the past decade across our boards, bringing considerable insight and acumen. We have benefited greatly from his expertise and wish him all the best for the future."

Shergold's retirement was announced at the same time as AMP's 2016 annual report, which reiterated the challenging conditions facing the company as reflected in the results released in February.

AMP reported a net loss of $344 million attributable to shareholders, which Brenner described as unsatisfactory and said "a significant factor ... was the underperformance of our insurance business, driven by extremely challenging operating conditions in the insurance sector."

Read more: AboriginalAustralian Public ServiceCabinetCatherine BrennerDepartment ofPeter ShergoldPrime MinisterTorres Strait Islander CommissionWestern Sydney University
Editor's Choice
EMMA RAPAPORT
Industry super thought leaders have urged the sector to harness the power of the collective and collaborate more closely on problem solving to ensure longevity and continued member engagement.
ALEX BURKE
Citi is expanding its wealth management business with four new hires.
ALEX BURKE
ASIC's investigation into CommInsure found no evidence of claims managers applying pressure on medical staff to change assessments, although the regulator said claims handling fell short of community expectations.
KARREN VERGARA
AZ Sestante, a subsidiary of Italian wealth management firm Azimut Holdings, recently entered the Australian market by launching three new funds on the Colonial First State platform.
Videos
Brought to you by
1 MAR 2017
A highly agile and active asset allocation approach requires skill, experience and discipline. Led by Michael O'Dea, Perpetual's Multi Asset team has just that; with an average 17 years' judgement and ...
Get it Daily
Keep up to date, don't be the last to know! Get the Financial Standard Daily Newsletter.
SUBSCRIBE
Products
Pocket investment guides featuring adviser case studies and a glossary.
Investing trends and strategies from the industry’s thought leaders.
Putting the spotlight on investment products that matter.
Expert Feed
Christopher Page
FS ADVICE
A new era
After years of back and forth, the legislation to increase the professional standards of financial advisers has been passed. The new ...
Stephen Fay
FS SUPER
Starting at the insurance base camp with focus on value
Insurance can be a complex beast, but in a period where its reputation may be strained it is all the more important to talk of some ...
Christopher Page
FS PRIVATE WEALTH
Redefining the family office
While the family office model has traditionally been the preserve of the ultra-rich, this may be changing very soon. Last week, Findex ...
Michelle Baltazar
FS MANAGED ACCOUNTS
Like rocket fuel to a Spaceship
When a superannuation fund calls itself a Spaceship and nobody bats an eyelid, you know you're entering a new era in retirement investing. Spaceship's ...
Featured Profile
Professional Subscription for $295
(inc GST) for 1 year.
SUBSCRIBE
OTHER PUBLICATIONS
FS Advice
The Australian Journal of Financial Planning.
Get the free iPad app
Download the Financial Standard iPad app for FREE.
DOWNLOAD
Link to something hsTIBVXN