AMP has announced David Murray will join its board and lead the redevelopment of governance processes following the banking royal commission’s findings of advice misconduct by the financial services giant.
Murray was Commonwealth Bank of Australia’s boss from 1992 to 2005 and the inaugural chairman of the Future Fund, Australia’s sovereign wealth fund.
Notably, he led the Financial System Inquiry (FSI), known as the Murray inquiry, which was established by the federal government in November 2013.
The FSI interim report identified nine priority issues facing the system.
Murray will join AMP after the upcoming 2018 annual general meeting on or before 1 July.
Current executive chairman Mike Wilkins will return to the position of acting chief executive officer on that date.
Murray will oversee a process of considered board renewal and the appointment of an additional non-executive director in the near term.
He will also work with Wilkins in leading the search process for a chief executive for AMP.
Following the appointment of a new chief executive, Wilkins will return to his role as a non-executive director.
Commenting on his appointment, Murray said: “AMP employs almost 6000 people, many of whom are Australians serving its customers across wealth management, superannuation, financial advice, life insurance, asset management and banking.
“It is a significant financial institution and needs to play a role within the Australian financial system which supports the building of trust and confidence in that system in the community.
“I look forward to working with the board and executive management to support AMP’s people in achieving that outcome.
“As part of this, I am committed to meaningful board renewal but recognise the process must be measured so as to maintain the stability of AMP in the immediate future. Restoring trust and confidence is not easy and does not happen overnight, but I am confident this can be achieved.”
