There’s always one every year: an AGM that’s less about its resolutions than it is about the salvaging of grievances. Where the great and the good potter to the microphone and tell the board they should be ashamed of themselves. Where the directors sit stony-faced, taking their lumps. And where those recently appointed make a grand point of their difference, quietly throwing those who recruited them under the bus. “Oh, the old order? It was terrible, just terrible. But that’s got nothing to do with me ...”

At 10am in Sydney on Thursday, Perpetual will meet its makers. Its new CEO Bernard Reilly, cost-cutting plans and other initiatives are designed to dampen the fury sparked by its May plans to sell its name along with its wealth management and corporate trust businesses to the private equity barbarians KKR.