Keeping it verbal: Why a behavioural report on ASIC management is not available

The Australian Securities and Investments Commission (ASIC) retained the services of behavioural experts to report on its leadership team, but a Parliamentary Committee has been told that the outcome must remain private to the ASIC commissioners assessed. 

The behavioural experts within consulting firm Egon Zehnder observed executive meetings of ASIC’s leadership team and interviewed the commissioners, with the stood-aside chair, James Shipton,  telling the Parliamentary Joint Committee on Corporations and Financial Services last year that the firm was expected to provide feedback in the form of a report. 

The chair of the Parliamentary Committee, Victorian Liberal Senator, James Paterson asked whether the report could be provided to the committee in the context of this week’s hearing during which it traversed the reasons why Shipton and his deputy chair, Daniel Crennan, had stood aside over expenses issues. 

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Apart from a question on notice, Senator Paterson also put the issue to ASIC’s acting chair, Karen Chester during this week’s hearing. 

However, ASIC’s formal response to the Senator’s question on notice was that the Egon Zehnder report had been verbal. 

“The overall findings were provided by the specialist provider, Egon Zehnder, verbally in a full-day workshop with commissioners on 12 December, 2019. Individual feedback reports were provided prior to that workshop to respective commissioners,” the formal ASIC response said. 

“Those reports are of a nature (as contemplated by Senator Paterson in his question to the chair) not requiring production to the committee because they related to individual performance feedback.”   

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Wow first we see in the Royal Commission they were not taking detailed file notes in important meetings, we still haven't seen the gift register wonder what is on that, every second news story we are finding them more corrupt by the day, everything they do is to reduce access to financial planners and make it easier for product providers to sell products with Zero client protections

Always a concern that they never want to release information about themselves. Just imagine, if the ASIC Gift register was clean they could release it and show how above reproach all ASIC staff perhaps are. They could also release the individual reports on the Commissions re management (looks to me like ASIC paid for it)and show what great remarks and skills they all have - perhaps.

Or could it be a case of corruption and incompetence? It certainly appears they (ASIC) has something to hide on many fronts. Not good.

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