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General => General Discussion => Topic started by: Cruiser 105Tvan on May 04, 2018, 06:55:11 PM
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New Chief of AMP.
http://www.abc.net.au/news/2018-05-04/amp-appoints-former-cba-boss-david-murray-as-new-chairman/9728510 (http://www.abc.net.au/news/2018-05-04/amp-appoints-former-cba-boss-david-murray-as-new-chairman/9728510)
What's going to happen next?
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New Chief of AMP.
http://www.abc.net.au/news/2018-05-04/amp-appoints-former-cba-boss-david-murray-as-new-chairman/9728510 (http://www.abc.net.au/news/2018-05-04/amp-appoints-former-cba-boss-david-murray-as-new-chairman/9728510)
What's going to happen next?
Lol. Pick the two companies most in the poo over this and ..........
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Sol Trehio (?) and Telstra comes to mind.
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My favorite bit is that fact AMP don’t want that big scary royal commission monster to criticize their business.
They only want to hear from their cuddly teddy bear friends at ASIC to rub their tummies and tell them everything is going to be just fine....
https://www.smh.com.au/business/banking-and-finance/asic-missed-chance-to-stop-the-rot-in-financial-advice-12-years-ago-20180418-p4zab4.html (https://www.smh.com.au/business/banking-and-finance/asic-missed-chance-to-stop-the-rot-in-financial-advice-12-years-ago-20180418-p4zab4.html)
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This seems to bear weight too.
http://www.abc.net.au/news/2018-05-04/does-royal-commission-prove-banks-are-not-an-ethical-investment/9728560 (http://www.abc.net.au/news/2018-05-04/does-royal-commission-prove-banks-are-not-an-ethical-investment/9728560)
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Chairman, not cheif, he has an extremely good track record first at CBA which he left about 13 years ago, then at the future fund, seemed pretty down to earth when I had a tiny bit to do with him years back. I suspect his appointment is more to do with appeasing share holders as opposed to meaningful change though.
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Seems a logical choice that a boss of a bank thats in the crap and under investigation for bad practice is given the top job in another organisation thats in the crap and under investigation for bad practice .
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Chairman, not cheif, he has an extremely good track record first at CBA which he left about 13 years ago, then at the future fund, seemed pretty down to earth when I had a tiny bit to do with him years back. I suspect his appointment is more to do with appeasing share holders as opposed to meaningful change though.
Yep and that’s the majority of Australians that hold super
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My view on this is coloured by the Commonwealth Bank destroying the More advanced and developed State Bank of Victoria.
I know it was a fair while back, but I won't be banking with or promoting the Commonwealth Bank any time soon.
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I said for years now that big business like these, (and not only the ones under the spotlight right now) have been ripping us off with the greed to pay for the huge salaries of those up top and pay their shareholders dividends whilst they treat those that have what saving they have invested in accounts getting bugger all return on it. To me they are still investors. Those that say you have to pay the money to get the best better have a closer look at what goes on. 4, 5, 6 million dollars plus bonuses of who knows and this is what you get. I'm not highly educated but have realised what is coming out now whilst all these educated ones are now saying they never thought it was this bad. Did these highly educated ones not want to see what goes on is more the point. We are only scrapping the surface of being ripped off.
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Yippee, let’s all flog the conspiracy theory horse into a mad gallop, giddyup ;D ;D ;D
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Yep and that’s the majority of Australians that hold super
Out of interest, when was the last time you personally voted to approve an executive’s pay rise or bonus?
I mean, apparently having super makes you shareholder and thus gives you those voting powers doesn’t it??
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Generaly I think .. you have to register and attend the AGM's to vote on things ..
Say for arguments sake : 5 million share holders only 10 bother register and travel to attend the AGM, only those 10 get to vote on decisions put forward by the board and management, 8 out of the 10 [ who are mates of board members ] get a notice of a chubby bonus dividend cheque, just prior to arrival to the AGM The other 4.999992 have to just Suck it with whatever decision is made .
But that would never ever happen in reality .. ;D
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What's going to happen next?
everything will be tight for 12 mths then back to business as usual charging people for Shit they dont want/dont ask for/they dont supply
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Out of interest, when was the last time you personally voted to approve an executive’s pay rise or bonus?
I mean, apparently having super makes you shareholder and thus gives you those voting powers doesn’t it??
Having super invested in shares doesnt make you a stock holder, you are basically buying into a managed fund. The super funds are the stock holders and those invested in that super fund are basically buying into a mutual fund, taking advantage of intellectual and stock diversification offered by the fund managers.
On the Super Fund side of things, I bet they are sh*tt*ng themselves waiting for the pineapple.
If your not in an industry fund (even they wont all be proven total angels) you should be asking yourselves why am I paying a company to make a handsome profit from my money, to be biased to their profit making and not have your welfare as their prime interest. Yes theres a few good private funds, but good luck finding one
Heres a sad example of their conflict of interest.
http://www.afr.com/opinion/columnists/banking-royal-commission-must-protect-super-savings-from-conflicted-advisers-20180419-h0yzqh
I get free unbiased financial planning advice from my industry fund. I hope you all do too. Especially the unbiased part.
Cheers Glen
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Glenm64 is correct in his summation. Nevertheless AMP has one of the biggest lists of shareholders in Oz as a result of demutualising. Each and every one of them (me included) gets the opportunity to vote either in person or by proxy at the AGM. It is quite correct that most "mum n dad" shareholders don't bother voting or at least haven't in the past. Might be a different story next time. What AMP actually did to come to the interest of the regulator wasn't all that serious and is minor compared to many of the other institution's findings. It was the fact that they tried to cover it up and lied to the regulator that actually brought them unstuck. Talk about sandpaper on your balls - the cricketers are amateurs compared to some of these companies.
Rowlie
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When was the last time you voted to give our pollies a pay rise. There is nothing stopping them getting a $30k pay rise a year but they fight hard to stop a $20 week pay rise for the low income workers. I can see who is and comes out on top there.
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If your not in an industry fund (even they wont all be proven total angels) you should be asking yourselves why am I paying a company to make a handsome profit from my money, to be biased to their profit making and not have your welfare as their prime interest. Yes theres a few good private funds, but good luck finding one
Heres a sad example of their conflict of interest.
Cheers Glen
Wouldn’t you know it, but Westpac’s independent assessment of both my wife an I’s income and super situation said that we both needed a BT Super package because it “should” outperform the equivalent Australian Super fund.
Sounded like they had really investigated all options and the only super fund that suited my requirements happened to be from BT Super. What are the odds right....??
Despite all of the great free and independent advise from Westpac I thought I’d stick with my Australian Super Fund and see how things pan out... ;)