AMP provides the following update in relation to the employment matter in 2017.

AMP has always treated the complaint against Boe Pahari seriously. It remains AMP’s view that it was dealt with appropriately in 2017 and Mr Pahari was penalised accordingly.

The investigation report into Julia Szlakowski’s complaint was conducted by Andrew Burns QC. The conclusion of the report, as provided to Ms Szlakowski in 2017, states in its entirety:

Conclusion

“For these reasons I find that there was poor judgement exercised by [Boe Pahari] during this evening and one moderate and two minor incidents which overall added up to a relatively modest breach of the AMP Workplace Behaviour and Equal Opportunity Policy. However this involved a senior manager who ought to have been observing a high standard of equality and diversity practice and who ought to have had a much better understanding of how his actions might be perceived by and may affect a junior colleague.”

Andrew Burns QC, 19 June 2017

A range of actions were applied by AMP on receipt of the investigation report including both financial and non-financial penalties. A settlement was reached with Ms Szlakowski in March 2018 when she left AMP Capital.

The Board reiterates that Mr Pahari’s comments and behaviour in this matter were unacceptable and apologises to Ms Szlakowski for the distress caused at the time.

Boe Pahari commented:

“I deeply regret the events in 2017, and I apologise to Julia Szlakowski.

“I also acknowledge the significant impact the matter has had on our clients, our people, and AMP’s shareholders. I have decided to stand down as AMP Capital CEO in the interests of all parties, and to minimise disruption to the business. I am committed to doing everything I can to see this business and our people reach full potential. The best way I can make amends is to do the job I have been given to the best of my ability.”