AMP's share price could come under more pressure this week as the Hayne Royal Commission hears evidence about the provision of inappropriate advice by the company's financial planners.After last week's devastating evidence on fees for no service that triggered the resignation on Friday of CEO Craig Meller, fund managers say there is almost no way of telling what AMP's executive and board ranks might look like by the end of the week.The AMP board appears to have embarked on a potentially risky strategy of protecting the position of chair Catherine Brenner amid media reports suggesting that directors have commissioned law firm King & Wood Mallesons to help prepare a submission to the Royal Commission. The submission is expected to explain the nature of Brenner's role in the company's alleged attempts to mislead ASIC when the regulator received an edited independent expert's report on the fees for no advice scandal.Defending the chair might expedite a move from the Australian Prudential Regulation Authority to investigate the matter given that it potentially bears on Brenner's fitness to oversee a group that holds life insurance, superannuation and banking licences.Institutional and retail shareholders are also circling the company, with some calling for Brenner to resign from the board before the company's annual meeting in Melbourne on 10 May.Fund managers and superannuation funds told Banking Day they were worried about the company's governance record.Jack Lowenstein, managing director of Morphic Asset Management - a company that was involved in legal action brought against AMP Capital Investors in 2016 over a listed investment fund - said the evidence raised in the royal commission was concerning."Based on our experience agitating for the wind up of the AMP China listed investment company a few years back I think there have been governance problems at AMP for some time," Lowenstein said."But it's easy to stand on the sidelines and take pot shots when you don't know precisely what has occurred at the board level."I think it's unfair to say that management shouldn't have an opportunity to give feedback on factual matters in a draft independent report."However, if there were many iterations of the independent report as has been suggested then that's a matter of concern."Lowenstein said Brenner could be forced out even if her role in the affair was ultimately shown to be trifling."If the chair was involved in that (tampering with the independent report) then she should probably go," he said."But sometimes it's not whether you've done anything wrong but whether your shareholders and customers lose trust."On the other hand it may be the right thing for the chair to stick around and ensure that the process of appointing a new CEO is in place."Industry superannuation funds are likely to provide a fierce message to the company if Brenner decides to front the AGM as a director.First Super chief executive Bill Watson suggested that Brenner and other directors needed to review their roles before the shareholders' meeting."The chair and members of the board need to consider their positions individually and