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

ASIC Egon Zehnder James Shipton James Paterson daniel crennan karen chester

20 November 2020
| By Mike |
image
image
expand image

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. 

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.”   

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

Shareholder

Get rid of the rest of the old guard to clean up the culture, then you might have a chance....

3 days 11 hours ago
Ray Mitchell

The previous directors and managers of both Dixon Advisory and the ultimate holding company Evans and Partners should be...

3 days 23 hours ago
Old Fella

Why would any Licensee invest in educating and training new advisers, when as soon as the handcuffs come off, they will ...

4 days 3 hours ago

Insignia Financial has unveiled a new operating model and executive team, including a new head of advice, while three senior executives are set to depart the licensee....

4 days 13 hours ago

ASIC has obtained interim orders from the Federal Court to freeze the assets of a registered managed fund and prevent its former director from leaving Australia. ...

3 weeks 5 days ago

The $280 billion Australian Retirement Trust is the first superannuation fund off the block to report its performance for the 2023-24 financial year....

2 weeks ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND