Frydenberg urged to make decision over ASIC chair
Treasurer Josh Frydenberg is being urged to make a decision over the tenure of Australian Securities and Investments Commission (ASIC) chair James Shipton following an expenses scandal last October.
In a statement, Labor MP Stephen Jones, called on the Treasurer to make a decision whether Shipton could remain in the position or whether a replacement should be appointed instead.
Shipton was currently on gardening leave from his position after an expenses investigation into exceeding limits set by the Remuneration and Tribunal Determinations for relocation expenses.
A report into Shipton’s expenses had been issued by former inspector general of intelligence, Vivienne Thom, following an inquiry, but Jones said Frydenberg was holding off on releasing this information.
“The longer he stalls his decision about the future of James Shipton as chairman, the more potholes he’s creating in the long road to economic recovery. Mr Shipton cannot remain on gardening leave on his full $775,000 a year salary while a million Australians are looking for work and corporate Australia deals with economic uncertainty,” Jones said.
“He must immediately decide whether Mr Shipton or someone else will lead ASIC through these challenging economic times. And he must outline how and when Mr Shipton’s replacement will be chosen if his position is untenable.”
ASIC deputy chair Daniel Crennan resigned from his position over the same investigation.
AUTHOR
Laura Dew
Recommended for you
Adviser willingness is the key hurdle to the uptake of ESG matters by financial advisers; they should not feel afraid or embarrassed if they are less familiar with what clients are seeking.
In his first move since the acquisition by Count, former Diverger managing director Nathan Jacobsen has taken up a new leadership role in the financial advice space.
Medical grounds are no excuse for compliance failures as a Victorian AFSL is sentenced for failing to lodge annual financial reports.
The balance of ASIC enforcement activity is skewed towards civil rather than criminal cases, but the corporate regulator says it is seeking to redress this balance.
