Well, well, well.
The architect of ASIC’s doctrine of “why not litigate”, Daniel Crennan QC resigned today over a small matter of:
$69,621 in housing costs on behalf of Mr Crennan equal to $750 weekly rent in 2018 and 2019.
Nice work if you can get it.
But why does ASIC exist? What is its purpose?
According to ASIC, they are:
Australia’s integrated corporate, markets, financial services and consumer credit regulator.
And ASIC’s vision:
a fair, strong and efficient financial system for all Australians.
Well, perhaps coinciding the ASIC Chairman Shipton standing aside last week, ASIC released their FY20 annual report. And what did ASIC achieve for the $490 million it spent:
More than 2,100 meetings. And 59 reports and papers published. Exciting.
Not only an accounting of but a celebration of having meetings. Cartier watches for everyone.
Another performance measure you ask. How about website visits:
Lots of website visits. Very exciting. Maybe ASIC should set up a social media business.
Not bad for an organisation that spend $275 million in employee expenses on 1,940 full time equivalent employees. Or an average cost of 2 Crennan rental subsidies per annum ($141K).
But this is the essence of the problem. Measuring activity and not results, the standard performance metric of government.
Perhaps Australian investors would be better of if ASIC commissioner meetings spent more time asking not why not litigate but rather why not regulate.