Former Treasury head John Fraser is joining the board of AMP

John Fraser. Image: Treasury

David Murray, the new chair of AMP, has made a major acquisition for his board of directors.

John Fraser, a former head of the Federal Treasury Department, is joining the board.

He starts next month. He retired as Secretary to the Australian Treasury last month.

“We’re pleased to welcome John to the Board. His appointment demonstrates that Board renewal is well underway as we continue the rebuild at AMP,” says Murray.

“John brings a wealth of top-level experience across financial markets, governance and public policy to the AMP Board table. He has an exceptional blend of public and private sector experience, in Australia and internationally, and his strategic insights will be a great asset for the organisation.”

Fraser served as Chairman and CEO of UBS Global Asset Management for more than a decade, based in London.

Before that he was Deputy Secretary to the Australian Treasury.

Murray wants to make the board of directors and the management of the financial services giant more accountable.

The previous chair, Catherine Brenner, and the CEO, Craig Meller, resigned following admissions in the financial services royal commission that AMP made false or misleading statement to corporate regulator ASIC over the fee for no service issue.

AMP today also confirmed Murray’s pay.

He will get an annual fee of $850,000, including of superannuation.

Acting Chief Executive Mike Wilkins will get $1.46 million, including superannuation, to the end of December. He will not be eligible for any short or long-term incentives.

His appointment as Acting Chief Executive is expected to continue until December but may end earlier, depending on the appointment of a CEO.

He won’t get director fees while serving as an executive.

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