Committee chair describes ASIC hierarchy as ‘total mess’
The chairman of key Parliamentary Committee has suggested that the leadership structure of the Australian Securities and Investments Commission (ASIC) is “total mess that did not have its own house in order”.
Victorian Liberal Senator, James Patterson made the statement to the acting chair of ASIC, Karen Chester, as he sought to find out what had led to the Auditor General taking what he described as extraordinary action in raising the matter of ASIC expenditures with the Treasurer, Josh Frydenberg.
Chester and ASIC Commissioner, Cathy Armour had earlier told Senate that the issue of the payment for tax advice for the ASIC chairman, James Shipton and relocation expenses for deputy chairman, Daniel Crennan QC, had been identified by ASIC finance staff had brought to the attention of the Australian National Audit Office (ANAO).
Senator Patterson then questioned the amount of time it had taken for the expenses issues to be identified by the ASIC finance section, raised with the Remuneration Tribunal and ultimately resolved.
Chester told the Senate committee that the matter had first been raised with the ASIC management group in August, last year.
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