Wilkins acknowledged that he expects AMP will earn a "first strike" against its remuneration report when shareholders vote on the matter later at today's meeting.
Last month the banking royal commission heard AMP had lied to the corporate watchdog ASIC for almost a decade in an attempt to cover its practice of charging customers fees for advice that was never delivered.
Later that week (Friday April 20), AMP chief executive officer Craig Meller quit his job with immediate effect, becoming the first senior executive to lose his job as a result of the banking royal commission scandal.
Wilkins told shareholders the scandals at the advice business were "absolutely unacceptable".
Wilkins noted that many executives and directors had left the company in the wake of the "fees-for-no-service" scandal.
He also said 50 per cent of the board was leaving or would leave, including chairman Catherine Brenner.
The departures will mean that all of AMP's female directors will be gone, something Wilkins said was "regrettable and unintentional".
Wilkins said disclosing any facts about the scandal could have prejudiced an ongoing ASIC investigation.
He did however attempt to explain how the fees-for-no-service scandal was allowed to happen, and the misleading of ASIC, but said ultimately AMP must restore the trust of the community and its customers.
"At AMP a small number of individuals in our advice business made the decision not to follow policy, and inappropriately charged fees to customers where no service was provided.
"The situation was compounded through a series of communications that misrepresented the issue to – and therefore served to mislead – our regulator on several occasions.
"Let me be clear: from my perspective the number of misrepresentations is not what matters. In my view, one misleading statement is one too many," Wilkins said.
