AUSTRALIA - Financial services giant AMP has announced an expansion of its disclosure policies and practices.
CEO Paul Batchelor said he had requested the internal review following concern expressed by regulators about a series of analyst briefings held by AMP.
“The series of briefings of analysts held in mid-July led to a perception that some people were given an unfair advantage, which was not the case,” he said.
“Rather than engage in debate and argument about this, we have moved quickly and decisively to strengthen our procedures to ensure our shareholders, both retail and institutional, are left in no doubt they have equal access to information.”
Batchelor said AMP will continue to focus on compliance issues to ensure that its employees and the broader financial markets understand the company’s approach.
Following examination of international best practice and consultation with external parties, AMP has formalised a market disclosure policy containing two sections: a continuous disclosure policy (dealing with concepts such as materiality, dissemination of disclosable information and managing rumours) and financial markets communication policy (outlining both existing and new procedures), which includes:
* disclosure of series of briefings * disclose all briefing materials* Webcast AMP’s external presentations and Q&A sessions* analyst reports* create a more visible timetable of communications with the market* blackout periods* strengthened compliance
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