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.