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Investor Revolt Over Harassment Is a Turning Point for Australia

  • Finance veteran Murray quit AMP board after investor pressure
  • Pension funds are increasingly flexing muscles on ESG issues
     
Photographer: Lisa Maree Williams/Bloomberg

The sexual harassment scandal that triggered the resignation of AMP Ltd.’s chairman and the demotion of the senior executive at the center of the claims has sent a clear message to corporate Australia: investors now have zero tolerance for misbehavior.

Finance industry veteran David Murray quit on Monday after an investor revolt over the promotion of Boe Pahari to run the firm’s A$190 billion ($137 billion) asset management unit, some three years after he settled a complaint brought by a female colleague.