The now infamous arrogance displayed by the board of AMP over an extended period of time reflects a pervasive problem of culture across corporate Australia. And its overarching cause and symptom is the refusal of boards to seriously consider the views of their major shareholders until it is too late.

There are many lessons to be learnt from AMP’s self-inflicted wounds over the past month, but one takeaway message for shareholders is that they do have the power to bring about cultural change.