And another one bites the dust

Day 2 of the expenses follies.  The AFR is reporting that ASIC chairman James Shipton is stepping aside:

Australian Securities and Investment Commission chair James Shipton has stepped aside from his role while a review is undertaken into the remuneration and benefits paid to executive office holders.

Mr Shipton made the shock announcement while appearing before a Parliamentary committee hearing on Friday.

According to a statement from Treasurer Josh Frydenberg “payments made on behalf of the ASIC Chair, Mr James Shipton, relating to taxation advice and Deputy Chair, Mr Dan Crennan QC, relating to housing expenses that he considered may exceed the limits set in the Remuneration Determination made by the Remuneration Tribunal and that there were also identified instances where the Commonwealth Procurement Rules were not followed.”

Treasury will lead an independent review into the matter which will report by year end. Mr Crennan will repay $70,000 and Mr Shipton will repay more than $118,000.

“Whilst I believe I have acted properly in this matter. I hold myself to the highest possible standard,” Mr Shipton said. “And it’s very important that I act with integrity and honour.”

Gee.  If everyone involved in an alleged expenses scandal stepped aside, the Australian Parliament would struggle to make a quorum.

But more to the point, if any public company had the same dysfunctional governance arrangements and behaviors, ASIC would be all over it.  Except ASIC can’t investigate itself.

Where is that boardroom psychologist when you need her.

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10 Responses to And another one bites the dust

  1. Econocrat

    Daniel Andrews is still Premier of Victoria.

  2. But we’re told we need more government.

  3. Roger

    If everyone involved in an alleged expenses scandal stepped aside, the Australian Parliament would struggle to make a quorum.

    You say that as if it were bad thing.

  4. Suburban Boy

    But more to the point, if any public company had the same dysfunctional governance arrangements and behaviors, ASIC would be all over it.

    ASIC’s dysfunctional governance arrangements (a board comprised entirely of full-time executives) has been imposed on it by government. It’s one thing that ASIC cannot change.

  5. Ƶĩppʯ (ȊꞪꞨV)

    Treasury will lead an independent review into the matter which will report by year end. Mr Crennan will repay $70,000 and Mr Shipton will repay more than $118,000.

    you cant even buy a good philip patek for them kind of dollars

  6. PM

    Who spends $118,000 on tax advice?! He’s a wage-earner, it can’t be that complicated.

  7. Dr Faustus

    “Whilst I believe I have acted properly in this matter. I hold myself to the highest possible standard,” Mr Shipton said. “And it’s very important that I act with integrity and honour.”

    Definitional reset to “the highest possible standard”.
    Wing it with a technically plausible position; snuffle the trough good’n hard; pay it back if you get sprung and the villagers come after you with torches and pitchforks.

    Make like it’s the 1980’s, baby.

  8. John A

    Roger #3630004, posted on October 23, 2020, at 2:01 pm

    If everyone involved in an alleged expenses scandal stepped aside, the Australian Parliament would struggle to make a quorum.

    You say that as if it were a bad thing.

    Not only that, imagine if all those heads of departments, agencies and other QANGOs did the same. The gardening leave could make a dent in the budget deficit!

  9. egg_

    imagine if all those heads of departments, agencies and other QANGOs did the same.

    How many have received unclaimed gifts?

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