Australian wealth management company AMP Ltd. (AMP.AU) suffered the second erosion of its board in less than a week after saying Monday that David Clarke, the former head of the failed Allco Finance Group (AFG.AU), won't seek reelection to its board next month.

AMP said in a statement it was disappointed that Clarke, who lost his position as Chief Executive of Allco when administrators were appointed on Jan. 1, had decided against continuing as a non-executive director after the company's May 14 annual meeting.

On Thursday, AMP said the former chairman of James Hardie Industries N.V. (JHX.AU) Meredith Hellicar, had also decided to not stand for reelection to its board after the New South Wales Supreme Court ruled she had misled investors in relation to the building products group's asbestos compensation plans.

-By Bill Lindsay, Dow Jones Newswires; 61-2-8272-4694; bill.lindsay@dowjones.com
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