AMP hires consultants Oliver Wyman in bid to fix battered culture

Oliver Wyman is in the hot seat to assist the Debra Hazelton-led board after several executive conduct scandals.

AMP chair Debra Hazelton. Picture: John Feder/The Australian.

Beleaguered AMP has tapped consultants from Oliver Wyman to assist the Debra Hazelton-led board in reviewing and improving culture, following several executive conduct scandals.

The Australian understands the management consulting firm Oliver Wyman will advise and help the AMP board’s culture working group, as part of a broader plan to reform the wealth company’s culture.

Oliver Wyman’s website says it has offices in 60 cities and has “deep industry knowledge” with expertise in strategy, operations, risk management, and organisation transformation.

Last month, AMP chief executive Francesco De Ferrari singled out improving the group’s culture as his top priority in the final months of 2020, even as he sidestepped questions about the controversial exit of Australia boss Alex Wade over conduct issues.

That followed the promotion of Boe Pahari to lead AMP Capital mid-year, despite a 2017 sexual harassment complaint against him that led to a $500,000 penalty. Mr Pahari has since been demoted, after an investor backlash over AMP’s handling of inappropriate behaviour by executives.

The AMP board has endured the departures of former chairman David Murray and board member John Fraser, with Ms Hazelton taking the reins as head of the board.

The Australian revealed links between Mr Wade’s departure in August and his sending of lewd photos to a female employee.

Mr De Ferrari last month highlighted that driving cultural change, including improving diversity and inclusion, was key to “unlocking AMP’s potential and driving shareholder value”.

He said AMP was taking measures to speed up cultural change.

“We’ve made progress in strengthening accountability and execution but know we have more to do,” Mr De Ferrari added at the time. “We’ve implemented a number of immediate actions including establishing a board culture working group and an employee-led inclusion task-force, as well as working with an external expert to drive inclusive leadership.”

Separately, he is due to front a parliamentary committee delving into superannuation on Thursday.