ASIC leadership has waded into the political debate about Qantas flight upgrades, telling the Senate economics committee that its executives hold membership of the Chairman’s Lounge.
Last month, Prime Minister Anthony Albanese was criticised for failing to declare he had received Qantas flight upgrades and soliciting flight upgrades from chief executive Alan Joyce.
Appearing at Senate estimates on 7 November, Senator David Pocock asked members of ASIC leadership whether they had similarly received upgrades and whether it affected their ability to enforce efficiently.
The executives confirmed they were members of the prestigious Chairman’s Lounge but said they had not received upgrades from the airline.
ASIC chair Joe Longo said he “had never had one” in his current role, while deputy chair Sarah Court responded “not that I am aware of”.
As to whether they would have to declare them, they confirmed the regulator has a register of interests where they had declared their Chairman’s Lounge membership.
Membership of the Chairman’s Lounge is by invitation only from the Qantas chairman and known as the “the most exclusive club in the country”. Membership is valid for two years and renewed at the chairman’s discretion.
Senator Pocock said: “So you’re comfortable being the body that ensures Australia’s financial markets operate fairly, transparent and efficiently, and that they are free from misconduct, and you’re happy to take a gift from a company you regulate?”
Responding, Longo said: “We have disclosed our Chairman’s Lounge membership and we have an established policy that deals with conflicts of interest and, as things stand, if we have any issues with Qantas, then we will deal with them.
“We don’t consider membership of the lounge as being a material impediment to discharge of our duties.
“I don’t think membership of the lounge is a conflict that would require any of us to recuse ourselves from an issue with Qantas.”
The regulator has already taken action against Qantas in recent years regarding unusual share price movements and its knowledge of an investigation by the Australian Competition and Consumer Commission (ACCC).
