AMP made donations to both major parties over six-year period

After six years of not making any disclosed political donations AMP gave over $350,000 to the major parties, which started just after Catherine Brenner joined.

The AMP building in Sydney. Picture: Hollie Adams

Just weeks after disgraced AMP director Catherine Brenner joined the board of AMP the ­financial-services company began a costly six-year regimen of giving tens of thousands of dollars a year to the nation’s two major political parties.

The Australian can reveal AMP launched a donation drive, giving hundreds of thousands of dollars to the ALP and federal Liberal Party from September 1, 2010, after six years of not having made any disclosed political donations.

Since that first donation — a payment of $25,000 to the Liberal Party-aligned Menzies Research Centre — AMP has given $351,130 of shareholders’ funds to the two major parties by way of “donations” or other payments.

Before this AMP is recorded as having made its last political ­donation in 2004.

The federal government and the ALP have come under fire over the donations they have received from major banks after The Australian yesterday revealed the banks were at least 12 times more likely to have made donations to the two major parties than their peers in the ASX 200. Analysis shows that since September 2010, AMP has given $162,862 of shareholders’ funds to the ALP and $188, 265 to the Liberal Party.

AMP spokeswoman Catherine Woods said AMP had, had the “same policy on political donations for the past 10 years”.

AMP did not make “direct” ­donations to political parties but paid to attend “events such as party conferences”, Ms Woods said. She said she was unable to put The Australian in contact with Ms Brenner because she was “no longer our chairman” since being booted as AMP on Monday after the banking royal commission last week exposed widespread corruption at the company.

Late last month the ALP, after fierce public pressure, said it would pay to charity $250,000 it had been given by Sydney property ­developer Ron Medich, who has since been convicted of murder.

Financial Services Minister Kelly O’Dwyer and opposition ­financial services spokesman Chris Bowen on Wednesday declined to comment when asked whether they would give back the money given by AMP, whose chief executive Craig Meller was also forced to resign. A spokesman for federal treasurer Scott Morrison said “your questions should be directed to the party”.

CBA, Westpac and ANZ have also said they do not make “donations” but instead pay the Liberal Party and the ALP to attend “events”.