Catherine Brenner to leave CCA in 2019

CCA Catherine BrennerFormer AMP chairman Catherine Brenner will retire from the Coca-Cola Amatil board at next year’s annual general meeting.

Coca-Cola Amatil said Brenner, who has been a director of the beverage company for a decade, will not seek re-election at the 2019 annual general meeting at the end of her current term.

The company said it has considered Brenner’s position following her decision to quit AMP last month after the banking royal commission heard the financial services giant never gave customers advice for which they had paid, and then lied about it to regulators.

Brenner will continue her role over the next 12 months to allow for an orderly transition as the company looks to appoint a new director before next year’s annual general meeting. Coca-Cola Amatil chairman Ilana Atlas said Brenner’s corporate finance and mergers and acquisitions experience has been valuable to the company over the past 10 years.

“It is important for shareholders to know that the board has considered Catherine’s position on this board following her decision to step down from her position as Chairman of AMP,” Atlas said in a speech to be read at the company’s annual general meeting on Wednesday. “Over the next twelve months we will continue to analyse the skills and experience on the board and what we require in the future, to maintain the right mix following Catherine’s retirement.”

Brenner, who is Coca-Cola Amatil’s longest serving director, has faced calls from the Australian Shareholders’ Association to step down from the Coca-Cola Amatil board following the AMP scandals revealed at the royal commission.

The 169-year-old wealth management giant could face criminal charges for misleading the regulator, and has been hit with three class actions on behalf of investors after AMP’s plummeting shares trimmed more than $2 billion off its market value.

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