Facing demands for answers and a call to be suspended from government contract work, Clayton Utz has finally spoken out over its role in the scandal embroiling AMP.
The law firm released a statement Sunday night denying suggestions aired last week at the Banking Royal Commission that the independence of its report into AMP’s fees-for-no-service practice was in doubt.
“Clayton Utz rejects any suggestion that the independence of its investigation and report findings to the AMP Board into AMP’s Advice business was in any way compromised,” Clayton Utz chief executive partner Rob Cutler said in a statement.
“The terms of engagement stipulated that the investigation was to be undertaken independent of management of the Advice business being reviewed and under the instruction of the AMP Board and its General Counsel.
“Clayton Utz notes that AMP may be addressing the Commission further and it would be inappropriate for us to make any further comment at this time.”
While AMP has offered a mea culpa, and a head in the form of its CEO’s resignation, its law firm has so far declined to comment on revelations at the Commission last Tuesday that AMP’s executives had a hand in the final wording of Clayton Utz’ report.
After 25 drafts and 700 emails between the firm and AMP, the report was submitted to the Australian Securities and Investments Commission, the Royal Commission heard.
ASIC is conducting an investigation and AMP said it would make further submissions to the Royal Commission regarding the independence of the report.
AMP’s chief Craig Meller agreed to step down and its general counsel Brian Salter, who was in contact with Clayton Utz partner Nicholas Mavrakis during the writing of the report, has taken leave, the company said on Friday.
Former Victorian Liberal premier Jeff Kennett has called on the state government to suspend Clayton Utz from all work in the wake of the scandal.
“Clayton Utz should be removed and suspended from all government work for altering their ‘independent’ report to the Corporate Regulator re AMP. Culture will not change until those responsible are truly penalised and shamed,” Kennett said on Twitter.
Victorian government officials have said they would be demanding answers from Clayton Utz.
“The Department of Justice and Regulation will be seeking an explanation from Clayton Utz regarding the evidence given to the Royal Commission, and will provide advice to government once it has received that explanation,” department deputy secretary Donald Speagle said in a statement.