Former AMP chairman will quit Coca-Cola’s board, but not just yet

Former AMP chairman Catherine Brenner will remain a director of Coca-Cola Amatil for up to another 12 months, despite shareholder pressure for her to go now.

Roger Ashley from the Australian Shareholders Association (ASA) called for Ms Brenner to step down at the Coca-Cola Amatil AGM in Sydney.

"We wish to call for Ms Brenner's resignation," he said.

"We feel that the occurrences that have occurred at AMP call into question Ms Brenner's judgment and whether it is appropriate for her to remain as a director."

Catherine Brenner resigned from her role as chairman of AMP following damning evidence at the banking royal commission of misconduct by the company's staff.

Coca-Cola Amatil chairman Ilana Atlas said the board wants Ms Brenner to stay in the "interests of shareholders".

"With five of our directors relatively new to the company, Catherine's continued role on the board over the next 12 months will allow for an orderly transition as we look to appoint a new director at or before next year's AGM," she said.

She refused to cast judgment on Ms Brenner's behaviour as AMP's chairman but said she brought important skills to the Coca-Cola Amatil boardroom.

"Catherine is our longest serving director, with a deep understanding of the company's business and people," Ms Atlas argued.

"She has been committed, hardworking and diligent throughout her term on the board.

"Her corporate finance and mergers and acquisitions experience has been valuable to the company in its many corporate actions over the past 10 years."

Ms Brenner will also continue as chairman of the board's risk committee. She receives $254,000 per year for her role.

Ms Brenner did not make any public comment at the AGM and did not mingle with shareholders following the meeting, as is customary.

Instead, flanked by security, she left from a side entrance and refused to answer any questions put to her by the ABC.

Ms Brenner also remains a director of publicly-listed construction materials company Boral.

Original Article

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