World News – UA – ASIC President James Shipton steps down after unfavorable Auditor General finding

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James Shipton, Chairman of the Australian Securities and Investments Commission, stepped down after an unfavorable report from the Audit Office on $ 118,557 paid by ASIC on his behalf when he moved from the United States

The audit office also found that payments of $ 69,621 for Vice President Daniel Crennan, to move from Melbourne to Sydney, had not met guidelines He did not deviate

Both men said they would pay back the money The funds for Shipton were for tax advice and support when he moved to take up his post, while Crennan received payments for his housing costs

The Court of Auditors said the amounts could exceed the limits set by the Compensation Tribunal and pointed out that Commonwealth procurement rules were not being respected

The ASIC revelations come a day after the government forced Australia Post CEO Christine Holgate to step down when she revealed four employees received Cartier watches worth 3,000 $ each as a reward for their work on a major trade deal

Late Friday, the Australia Post said in a statement that the watches totaled $ 19,950, instead of the $ 12,000 Holgate had said It listed individual prices like $ 7,000, $ 4,750, $ 4,400, and $ 3,800

Scott Morrison, who spoke out against the Post’s awards on Thursday, said on Friday the government was seeking legal advice on whether to pay Holgate while an investigation – carried out by officials with outside assistance – is conducted on the question Australia Post is a public company

Asked Friday about the need for a broad inquiry into the pay and other terms of all government appointees, Morrison said: « I think there wouldn’t be a board member of administration of a government agency or CEO of a government agency who would not get my message yesterday I think they got it with a rocket And so my advice to them is to get it « 

Tax services for Shipton were provided by KPMG and fees increased The Auditor General said: “The fee increases have been described by KPMG as due to the complexity of the tax matters being handled”

… ASIC reviews the processes supporting the approval of compensation and benefits paid to executive officers, including trigger points for seeking advice if amounts outside of the determination of compensation are considered, and

… a review of procurement processes around payments for tax advice paid on behalf of the president should be carried out to determine which internal controls need to be strengthened or redesigned

In his statement, Shipton said: « ASIC recognizes that the processes supporting the approval of these relocation expenses were inadequate and, given the high standard of ASIC, it is disappointed that such a situation happened

« ASIC anticipates that the independent review will help it make appropriate changes to key policies and processes

“In the meantime, ASIC has implemented changes to the procedures associated with the approval of expenses related to the geographic relocation of statutory appointees to ensure that the Commission monitors these expenses and that provisions relating to new persons appointed by law are clearly documented before their fact « 

Accommodation payments for Crennan were halted at his request, Shipton said « He offered and agreed to repay housing payments made to him as a debt owed to the Commonwealth »

Shipton said he informed Frydenberg it was appropriate to step aside while the review was completed « I am standing at the highest level possible »

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James Shipton, chairman of the Australian Securities and Investments Commission, has stepped down after an unfavorable report from the Audit Office on

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a division of Blue Sky Publications Ltd
Reproduction without permission prohibited

Australian Securities and Investments Commission

Global News – AU – ASIC President James Shipton steps down after negative Auditor General finding


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