AMP Capital will be appointing three non-executive directors (NEDs) to its Responsible Entity (RE) and trustee boards following a comprehensive internal review of the boards”investment governance and oversight.
Following the appointment of John Nesbitt (Chair), Ming Long and Peter Rowe, the AMP Capital Funds Management Limited (AMPCFM) and AMP Investment Services Pty Limited (AMPIS) boards will comprise a majority of independent, non-executive directors. They will serve alongside executive directors AMP Capital CEO Adam Tindall and AMP Capital CFO and COO Margaret Payn.
In addition, Mr Nesbitt, Ms Long and Mr Rowe will be the members of the AMPCFM and AMPIS Audit and Risk Committees, which will be formed to assist the boards. They will also serve as the three external members of the reconstituted Managed Investment Schemes Compliance Committee for AMP Capital’s other REs, ipac Asset Management Limited and National Mutual Funds Management Limited. Ms Long will chair these committees.
AMP Capital CEO Adam Tindall said: “I’m delighted to welcome John Nesbitt, Ming Long and Peter Rowe to our two AMP Capital RE and trustee boards. All three have a wealth of industry experience and will enhance the governance of our domestic investment offerings while allowing for increased independent oversight.
“AMP Capital is committed to operating to the highest standards of corporate governance to best serve and protect our clients and investors. While we have always complied with the regulatory requirements in relation to independent oversight, we have decided to go one step further and increase the independence of these boards.
“This is a positive step for our clients, investors and AMP Capital, ensuring strong investment management and safeguarding our culture of prioritising strong governance.”
The appointments are effective 28 July 2017.